Oh dear reader, it seems the world of finance is about to get even more delightfully complicated 💸. Better Markets, a non-profit organization with a penchant for getting tangled in the most absurd of arguments, has decided to throw its hat into the ring in the ongoing Ripple vs SEC debacle.
The Great XRP Conundrum
According to the latest filing, Better Markets has conjured up not one, not two, but three ingenious arguments to support the SEC’s claims that XRP is, in fact, a security 🤯. And by ingenious, I mean utterly baffling.
It appears that Better Markets believes the sales of XRP to retail traders satisfy the third prong of the Howey Test, because, well, why not? As they so eloquently put it: “investors’ acquisition of those securities on trading platforms does not alter their character as such.” Ah, the classic “it’s still a security, but only if you buy it on a trading platform” argument 🤪.
But wait, there’s more! Better Markets also thinks that the prior ruling favoring Ripple in the lawsuit “conflicts with the Supreme Court’s definition of an investment contract in Howey.” Because, you know, the Supreme Court didn’t actually say that 🤣.
This Amicus Brief from Better Markets comes hot on the heels of Gary Gensler’s appeal, which challenged the retail sales of XRP. Because, you know, that’s exactly what the world of finance needs: more lawyers arguing over the definition of a security 🤦♂️.
This is a breaking news, please check back for updates!!!
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2025-01-23 01:43