July 14: SEC v. Ripple: What the Hell Happened
Episode description
Today in Daily Web 3 News:
In the July 13 order by the US District Court, Southern District of New York, several key points were addressed regarding the case. The court stated that XRP sales in which buyers directly purchased from Ripple constituted sales of securities, amounting to $728 million. The court concluded that Ripple's Programmatic Sales of XRP did not constitute the offer and sale of investment contracts. However, the individual defendants, Garlinghouse and Larsen, will proceed to trial. The court considered the economic reality and totality of circumstances to determine whether the Howey Test was satisfied. The order does not address secondary market sales, implying that most XRP tokens already in circulation are not considered securities. The court's reasoning and interpretation of the Howey test have been subject to debate, but overall, the order provides insights into the ongoing legal battle between Ripple and the SEC.
#Ripple #SEC #XRP #HoweyTest #Cryptocurrency #LegalBattle
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News Links 👇
https://docs.google.com/document/d/1q-PLNa5UWUr7Lik6u0ZSQaIxjaxD-yCrI-GUswf-jfo/edit?usp=sharing
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