Go to crypto-law.us to find what you need related to the @Ripple / #XRP case. Read Howey for yourself.
The Howey Test:
“The test is whether the scheme involves an investment of money in a common enterprise with profits to come solely from the efforts of others.”
The Howey Test:
“The test is whether the scheme involves an investment of money in a common enterprise with profits to come solely from the efforts of others.”
https://twitter.com/CryptoLawUS/status/1451627419199234059
Notice the word “scheme” is used, NOT “asset”.
The very next sentence reads:
“If that test be satisfied, it is immaterial whether the enterprise is speculative or non-speculative or whether there is a sale of property with or without intrinsic value.”
The very next sentence reads:
“If that test be satisfied, it is immaterial whether the enterprise is speculative or non-speculative or whether there is a sale of property with or without intrinsic value.”
Why does the SEC focus so much on the underlying asset? Anything can be “schemed”, packaged and marketed as an investment contact aka security.
The Orange Groves or the 🍊 weren’t the securities. The SEC also keeps arguing that the only utility for #XRP is speculation.
The Orange Groves or the 🍊 weren’t the securities. The SEC also keeps arguing that the only utility for #XRP is speculation.
The next sentence by the Supreme Court makes clear that intrinsic value or speculation over the underlying asset isn’t relevant. The same allegation of speculation could be made against all digital assets?
Anyone who takes the time to read the Complaint will see the danger. 👇
Anyone who takes the time to read the Complaint will see the danger. 👇
https://twitter.com/cryptolawus/status/1451202559490863105
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