The SEC's Ripple XRP Decision

The standard test for what is a security in the context of crypto has been the how we test, right? This has been applied in various decisions so far. The judge split her analysis in sort of three separate ways. She first says, XRP, the token itself is not a security, it's just alpha numeric cryptography. It's just basically, you know, numbers and codes strung together. However, the original sales, the institutional sales of the XRP token was an unregistered offering. People were buying it with a reasonable expectation of profit,. They were going to rely on Ripple Labs and the CEO to develop the protocol. And that’s why they bought it, right