Pro Ripple lawyer argues why XRP, cryptocurrencies should not be labeled securities XRPArmy XRPCommunity $XRP XRPHolders
Gary Gensler, the chairman of the Securities and Exchange Commission , has repeatedly stated that most crypto tokens were securities.
Deaton explains that although a token could be packaged, marketed, offered and sold as a security, that does not make the underlying asset or token one. He says that the token itself is nothing more than software code.He continued that the term"investment contract" or"security" was never about the underlying asset but about the circumstances surrounding its offer and sale.Deaton cites three references to buttress his point.
He also quoted the famous speech of former SEC official Bill Hinman, who said that the"digital asset itself is simply code." Third, he cited Lewis Cohen's article, which suggested that"no appellate court has ever held the underlying asset subject to an investment contract transaction is itself an investment contract and that there is no federal case finding a subsequent transfer of that asset to be a securities transaction."
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