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How Ripple's Win Reshapes Crypto with Paul Grewal & Mike Selig

Bankless

NOTE

SEC's Burden of Proof for Assets Subject to Howie Test

The SEC faces challenges in proving investment characteristics and registration compliance for assets in secondary markets. The recent Supreme Court ruling on traceability of securities sets a high bar. Exchanges with blind trading pose difficulty in proving investment intentions. The SEC must demonstrate that every purchase is based on profit expectations. Overall, this order aids in secondary sale and related cases.

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