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How Ripple's Win Reshapes Crypto with Paul Grewal & Mike Selig
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The SEC's Confusion of Initial Sales With Secondary Sales
The SEC has been trying all along to conflate these initial sales with secondary sales or ongoing sales that occur in secondary cases. And so we've never had this situation where you have blind sales and people are just purchasing a token that's out there. Mike: I think the Ripple case makes pretty clear that those would be part of an investment contract, but that doesn't make XRP itself an investment contract.
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