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by rahimnathwani 1078 days ago
IANAL

The court ruled that:

- Ripple's sales of XRP to institutional buyers were investment contracts, but

- programmatic sales via an anonymous exchange were not.

The ruling emphasises the distinction between an asset and an investment contract. An orange grove isn't an investment contract. The sale of an orange grove may or may not be an investment contract. Determining whether or not is governed by the Howie test.

If ChatGPT is to be believed (ha!), secondary sales of common stocks are not investment contracts: https://chat.openai.com/share/d3865e23-9210-4977-bda5-b4ded8...

If you don't want to read the whole ruling, look at pages 13-15 and 22-24.
1 comments
travisjungroth 1077 days ago
> The sale of an orange grove may or may not be an investment contract. Determining whether or not is governed by the Howie test.

I liked the era when people vaguely claimed that their coins weren’t a security because securities need to be registered. It had an “I’m not an alcoholic, alcoholics go to meetings” flare to it. I tried to get in on the fun with a vaporware cryptocurrency, OrangeGroveCoin. It got a disturbing amount of investment interest.

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