She addresses the issue in the case as to whether the defendants offered to sell or sold XRP as a security. The document added that, specifically, the SEC alleged that the defendants sold XRP as an"investment contract," which is a security defined under the Securities Act.
The three prongs of the Howey test were listed in a sentence that explains the"test" of the investment contract:"The Supreme Court held that the test for an investment contract under the Securities Act is whether the scheme involves 1. an investment of money. 2. in a common enterprise, 3. with profits to come solely from the efforts of others."
Finally, at his deposition, the SEC expert conceded he did not speak to any purchasers of XRP in preparing his report.There is only one SEC expert witness left to testify on prong 3 of the Howey test, who maintains that Ripple manipulated the price of XRP. The SEC parades a"cacophony" of various statements made by Ripple as its evidence for prong 3, which includes marketing materials, tweets and statements that an increase in XRP's price was"Ripplemania.
call me when the corruption is over.
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