, has summarized the SEC's argument in a few words according to his viewpoint. He says that though the SEC is not stating XRP to be a security per se, the main thrust of the SEC's defense is that any purchase of XRP, as a matter of economic reality, is an investment in a common enterprise with other XRP holders and with Ripple."We aren't saying XRP is a security per se.
Filan continues,"And when you realize what the SEC is saying, no matter how it is framed, the judgment that the SEC wants is one that incorporates secondary sales." Last weekend, Ripple filed its motion seeking dismissal of the case before trial. The company argued that XRP could not be considered a security because there was no"investment contract" granting investors rights or requiring the issuer to act in their interests.
The SEC is likewise asking for a ruling in its favor without a trial, saying a purchase of the token is an"investment in a common enterprise with other XRP holders and with Ripple" and that investors expect to earn a profit from buying the token. commends the part XRP holders have played in the lawsuit even without an amici brief.
Source: Law Daily Report (lawdailyreport.net)
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