patty

READ FOOTNOTE 13 PEOPLE: “The Court holds only that a common enterprise existed between Ripple and the Institutional Buyers. The Court does not reach the question of whether the common enterprise extends to encompass "other XP holders." Defendants Garlinghouse and Larsen, the "XRP ecosystem," or any other entities.” The Common enterprise factor is even more difficult for the SEC to meet than the 3rd factor of the Howey test. Even if the SEC was successful appealing Judge Torres ruling, all that happens is a Remand and Judge Torres will likely decide the SEC failed to prove the common enterprise factor between Ripple and XRP holders in the secondary market. Remember, the SEC flip flopped it’s common enterprise theory THREE times, finally arguing that XRP itself represented the common enterprise. I think it’s time people start accepting that the SEC’s theory in this case was circular and conclusory and that’s why it lost.