US SEC classifies each transfer of XRP as a security, regardless of the seller or the circumstances surrounding the transaction.
The issue of XRP secondary transactions in the long-running U.S. Securities and Exchange Commission (SEC) vs. Ripple lawsuit remains crucial for the significant crypto assets. However, the XRP proprietors’ attorney suggests a ruling on XRP Secondary Sales may not be reached in the XRP lawsuit.
XRP Sales Issue To Be Decided Ultimately?
John Deaton, Amicus Curiae in the XRP lawsuit, disagreed with the attorneys who assume that District Judge Analisa Torres will not address the token itself or the issue of secondary sales in her decision. He stated that the judge must disregard the SEC’s XRP-based theory before resolving the secondary transactions issue.
According to the U.S. Securities and Exchange Commission, Ripple engaged in an operation comparable to a 24/7, decade-long initial coin offering (ICO). It classifies every transaction of XRP as a security, regardless of the seller or the circumstances.
According to Deaton, the district court judge should address both issues in the same manner that her colleague, Judge Castel, did in the Telegram Case. He added that two opinions and orders were transmitted via Telegram.
