These comments by Judge Glenn in the Celsius matter should be brought to Judge Torres’ attention. The Judge is right to point out that cryptocurrency cases in the US may raise issues for which there is no controlling authority and the excellent paper of the UK Law Commission/1 
may be persuasive in dealing with such issues. This is a passage from the same Law Commission paper the judge referred to which amply shows why cryptos such as #Ethereum #XRP and #Bitcoin are not securities /2
Bitcoin and Ethereum are referred to but the point holds equally well for XRP. DLT facilitates by electronic means the exchange of data between different participants in the same network but the data represented by the crypto asset does not provide rights to anything outside /3
the network. For XRP although Ripple in its business participates in the network and owns the most tokens it offers or obtains no rights or obligations from other XRP holders outside the network such as a share in profits. There is no right or obligation as an XRP holder /4
that i can legally enforce against Ripple. The extract from the Law Commission paper then refers to examples of security tokens which are something very different from Ethereum or XRP. /5
The Law Commission paper sees crypto assets as a new category of personal property. /6. @JohnEDeaton1 @attorneyjeremy1 @FilanLaw @freddyriz @s_alderoty @MoonLamboio @MarketsMickle
This is why the number of XRP Ripple owns is irrelevant. It doesn’t change the above analysis. The Law Commissioners who prepared this paper understand crypto assets far better than the SEC attorneys. /7
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