Ripple lawsuit: Crypto lawyer criticizes SEC's logic on XRP secondary sales
The CryptoLaw founder stated that he had asked the SEC to provide just one example in which it had been determined that there had been an investment contract, even though there had been no privity or contact between a buyer and a seller or a promoter. He stated that the SEC failed to prove its claim.
Deaton stated that the SEC has the authority provided by Congress and existing law, and if novel, unsupported theories are being pushed, then the application of the Fair Notice Defense becomes necessary.
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