The SEC's Confusion of Initial Sales With Secondary Sales

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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.

A U.S court has ruled that XRP is not a security, and if XRP is a security then what implications does this have for other tokens?

Joining us today is Paul Grewal and Mike Selig, both experts in their respective fields who are here to help walk us through the implications of this court decision and what it means for our industry as a whole. ------ 🚀 Join Ryan & David at Permissionless in September. Bankless Citizens get 30% off. 🚀 https://bankless.cc/GoToPermissionless

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----- TIMESTAMPS:

0:00 Intro 4:18 Great Day to Be a Lawyer 7:47 Was This a Surprise? 9:27 TLDR on the Ripple Case 16:08 What is a Security? 20:18 How Binding is This Decision? 27:05 Establishing a Precedent 31:47 SEC's Argument Falling Apart? 38:28 Opening The Door to More Tokens 42:37 What Does This Mean for Token Holders? 47:57 How Does This Impact US Regulation? 53:29 The Fight Ahead

----- RESOURCES:

Mike Selig https://twitter.com/MikeSeligEsq

Paul Grewal https://twitter.com/iampaulgrewal

----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures