1/ @jchervinsky - You are right, but there’s not even more important point getting missed by the #XRPCommunity. Ripple Labs are accused of violating Section 5 of the Securities Act for their ongoing sales of XRP. https://twitter.com/jchervinsky/status/1341413294817554433

2/ Whether the XRP digital asset itself is (or is not) a “security” is *irrelevant* to the relief sought by the SEC (enjoining more #XRP sales, disgorging “ill-gotten gains”, prohibiting future sales of other “digital asset securities” and civil money penalties on the Defendants)

3/ So, even if XRP was a “currency”, if it was sold to persons seeking primarily to make an economic gain from later resales (rather than buying for “consumptive” use - making payments), and those gains were largely expected to come from the “entrepreneurial” efforts of Ripple...

4/ ... which is what is alleged in the Complaint, Ripple Labs would have violated Section 5.

5/ Put another way, the SEC does not need to prove, nor does the court need to decide, whether or not the XRP token is a “security” in order for the SEC to be granted all of the relief it is seeking (see above).

6/ Finally, although the allegations laid out in the SEC’s Complaint are strong, it is critical to remember that we have not seen Ripple Labs’ Answer. There are always two sides and we should all wait to review Ripple’s formal response before starting to draw any conclusions.