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XRP was +65% on the news, while the entire crypto market was +6%, to a $1.25T market cap Our view: this is a huge win for crypto, although a weird decision, not in line with rules for stocks If a company sells stocks in the stock market, those are still considered sales of securities, even though the buyer doesn't know where the money is going (almost surely to another shareholder, not the company).The counterargument is that the 1930s securities laws list stock as one type of securities, while crypto is nowhere to be mentioned, of course.The best thing for clarity would be new law tailored specifically to crypto, allowing the creation of sales of tokens in the U.S. while requiring some disclosures from issuers, including audited financial reports and token distribution. #xrp #plebchain

When Ripple sold XRP to regular investors via exchanges, those sales were not sales of securities, the Court ruled, because buyers did not know where their money was going, and thus could not reasonably expect that profits would be derived from the “entrepreneurial or managerial efforts of others,” the 3rd prong of the Howey test. #xrp #plebchain