Here's why $XRP is not a security despite Ripple possibly selling it as one in the past, per JohnEDeaton1
Pro-Ripple lawyer John Deaton, the founder of CryptoLaw, has taken to Twitter to share an argument as to why XRP cannot be qualified as a security even if it was once sold as an investment contract by Ripple.
He believes that this rule can also be applied to Bitcoin and other digital currencies, explaining his point of view in a Twitter thread.Warren Buffett , and also a crypto hater, 90-year-old Charlie Munger. In an op-ed released by The Wall Street Journal, he shared his take on why the U.S. should ban Bitcoin and crypto overall, calling cryptocurrency nothing but a"gambling contract."
Deaton tweeted that any cryptocurrency, including XRP, is first of all a digital code. He insisted that XRP remains one even if Ripple sold it as an investment contract in the past, or is still doing it now. Referring to the case of LBRY Credits against the SEC, he reminded the community that the judge, in that case, ruled that even though LBRY made direct LBC sales to Flipside Crypto, in that particular case, it was an investment contract.However, per the judge's ruling, that does not apply to LBC sales on the secondary market. In those cases, those tokens were not investment contracts. This proves, Deaton believes, that LBC in itself is no security.
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