In a highly anticipated ruling, Judge Analisa Torres has settled the classification question surrounding XRP, declaring that it is not a security as contended by the SEC.
Main Breakdowns:
– Judge Torres ruled that XRP is not a security, bringing celebration to the Ripple community.
– However, there is still a need for clarity regarding the implications of secondary market transactions involving XRP.
– Attorney Jason Gottlieb argues that the court may not have completely overlooked the matter of secondary market transactions.
– Attorney John Deaton believes that each transaction should be individually assessed using the Howey test.
– Deaton highlights that the judge rejected the SEC’s theory that XRP embodies all of the efforts and promises of Ripple.
Hot Take:
While the ruling is a victory for Ripple, the lack of clarity on secondary market transactions involving XRP still leaves room for further discussion and interpretation. Attorneys Gottlieb and Deaton offer valuable insights on the matter, emphasizing the need for individual assessment and highlighting the rejection of the SEC’s theory. Overall, this ruling brings some clarity but raises new questions that need to be addressed in the crypto community.
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