The Blockchain Association is throwing its support behind Ripple Labs, calling the SEC's securities laws interpretation “the single greatest threat to the future of this rapidly growing industry.'
), former CEO Christian Larsen, and current CEO Brad Garlinghouse in Dec. 2020 for allegedly raising $1.3 billion through unregistered securities sales through XRP.
The Howey Test determines what qualifies as an investment contract and is therefore what is subject to U.S. securities laws.Chairman Gary Gensler's viewsThey argue blockchain technologies have many uses across the crypto industry; tokens can be used to pay for goods and services, conveyance of intellectual property rights, inventory tracking, and for a specific purpose in a given blockchain project.
The association also claimsSEC is disregarding clear Supreme Court and Second Circuit precedents stating transactions aboard are beyond the jurisdictional reach of the SEC. "Accordingly, both for liability and damages purposes, this Court should be mindful of the limits of the securities laws," it added.Kristin Smith, executive director of the Blockchain Association, believes this case could have wide-reaching ramifications for the future of crypto, calling the SEC's interpretations of the securities laws, “the single greatest threat to the future of this rapidly growing industry.
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