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Landmark Ripple & SEC Case: XRP Not a Security (maybe) | Roundup

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Ripple's Unregistered Offer and Sale of Investment Contracts

Ripple's institutional sales of XRP constituted the unregistered offer and sale of investment contracts in violation of section 5 of the Securities Act. The programmatic sale on exchanges didn't meet third prong of howie, so sales to users via exchanges was fine as long as it was through an order book. But if some sales are contracts and others are not, then you can't really go as far as saying like Ripple is not a security, can you?

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