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A lawyer’s take on the Ripple ruling from earlier today.
So today’s ruling — using the much-contested Howey test — may be appealed by both sides, says Ann Lipton.
What about future crypto cases? Well, the thing about crypto is, the facts are different in every case. Assuming the Ripple decision is followed in other cases, some would involve ongoing obligations of some kind between the issuer and the token holder, and in those cases, courts may be more likely to find there was an expectation of profit from the promoter’s efforts.
Business Law Prof Blog: So, Ripple
[lawprofessors.typepad.com]
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