In January, Ripple filed its defense against the U.S. Securities and Exchange Commission’s (SEC) suit against the company over its offering of XRP, which the SEC says amounted to the offering of unregistered securities.
Based on the legal test for determining whether something is a security or not (Howey), the SEC has a case. However, in filing its defense, Ripple Labs made an excellent point worthy of discussion (albeit unintentionally): why should the SEC consider XRP a security when the likes of BTC and ETH have remained free from SEC scrutiny?
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