“Clearly we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple, this will have broader implications.”
A lot of clarity around crypto is going to come out of this. Exciting news for the crypto/web3 space!!
What's the main argument for why Ripple isn't a security?
I'm under the impression Ripple was using XRP as a vehicle to finance its core business of seamless cross-border transactions for financial institutions which is something it had been doing as a private company for seven years since its founding in 2013.
On the surface it seems as though XRP was wholly controlled by a single commercial entity, making the capital raise a security.
Happy to be wrong— would love to hear more about Ripple's argument.
This article does a great job of dispelling that! https://protos.com/sec-crypto-jury-disagrees-hashlets-securities-not-xrp/
Also look at this article as well for more info from the company Ripple: https://ripple.com/insights/sec-update-preliminary-ripple-response/