In the Complaint, the @SECGov claimed @Ripple was the common enterprise. Ripple forced it to concede that #XRPHolders have no legal or financial interest in Ripple and Ripple owes #XRPHolders NOTHING.
https://twitter.com/scotty2ten/status/1571637337913954304
B/c of that concession, the SEC’s expert then claimed the common enterprise is the “XRP Ecosystem.” This includes Ripple, all #XRPHolders in the world 🌎, exchanges, developers, users who only hold a minimum XRP to access the #XRPL, etc. Thus, the common enterprise is EVERYTHING.
In the SEC’s opposition to our Motion to Intervene it argued that #XRP “represents” the investment contract b/c it is the “embodiment of all of @Ripple’s efforts.”
In its summary judgment brief, the SEC argues #XRP is also a representation of the common enterprise.
In its summary judgment brief, the SEC argues #XRP is also a representation of the common enterprise.
Yet, in the same breath, the SEC claims it isn’t arguing #XRP itself is a security. But by arguing that #XRP itself represents all of Ripple’s efforts and promises AND that #XRP represents the common enterprise it really is arguing #XRP itself is the security.
Hopefully, non-#XRPHolders will now see the danger this argument poses (if successful) as it applies to securities laws in general and digital assets specifically.
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