Claim $500XRP Lawyer Settles Debate On XRP As Security
XRP Lawsuit News: The long awaited Summary Judgment in the legal tussle between U.S. Securities and Exchange Commission (SEC) and Ripple is expected to provide clarity around “Security” categorization. However, Ripple Lawsuit moves toward a conclusion, XRP holders are raising concerns about XRP’s nature during different stages of sales.
Also Read: Cardano Founder Worked As Ripple Intern? Hoskinson Reveals
Did XRP Pass The Howey Test Here?
An XRP holder mentioned that he invested in XRP because he knew about Ripple. One of the major reasons for getting into XRP in 2016 was Ripple’s CTO, David Schwart working for the NSA. He added that his first buy came in after reading a new article that hinted that bank might use it ahead. The holder highlighted that he bought XRP when it was priced at $0.10.
XRP holders’ lawyer, John Deaton issued clarity over the matter. The attorney stated that Ripple Labs had any kind of direct contact with the buyer and sold him XRP, then there is a valid argument where Ripple’s native crypto satisfies prongs of the Howey test. Read More XRP News Here…
As per the given scenario, the buyer paid money to Ripple in favor of XRP. This deal makes the buyer enter a common enterprise with Ripple and directs that a profit was expected based on David Schwart’s talent.
Also Read: Ripple Legal Chief Has A Tip For “Bears” On Crypto Rules
Attorney Inspects Different Scenario
It should be noted that if the buyer didn’t buy XRP from Ripple without having a contract with the blockchain firm in the secondary market. Then it makes a different situation altogether. However, if the XRP was bought for non-investment criteria like making a transaction on the ledger to transfer money then it is a completely dissimilar scenario.
The attorney claimed that even if Ripple sold an investment contract using XRP as the underlying digital asset, it still doesn’t make the token a security.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin Crash Risk Mounts As Peter Brandt Points to 80% Declines in Every Major Cycle
- Bitcoin Whale Doubles Down on BTC, ETH, SOL Short Positions, $243M at Stake
- IMF and El Salvador in Bitcoin Talks: Progress Made, Compliance Deadline Set
- Trump Media Invests $40M in Bitcoin as Incoming CFTC Chair Signals Crypto Clarity Act Push in January
- Aave DAO Saga Deepens as Alignment Proposal Moves to Snapshot; AAVE Price Down 7%
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
