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Ex-SEC Explains Why Secondary Sales Are Not Securities
The post Ex-SEC Explains Why Secondary Sales Are Not Securities appeared on BitcoinEthereumNews.com. Ripple SEC Case: The U.S. Securities and Exchanges Commission (SEC) Wells Notice against NFT marketplace Opensea has fueled debates on whether secondary sales are securities or not. Judge Torres did not issue a ruling on these sales but she stated that a “programmatic buyer stood in the same shoes as a secondary market purchaser.” Secondary Market Sales Are Not Securities, Ex-SEC Lawyer Agree Lawyers argue that the U.S. SEC lawsuit against Opensea alleging non-fungible tokens (NFT) as securities, is in conflict with the latest rulings in crypto cases. Pro-XRP lawyer Bill Morgan revealed that Judge Torres in the SEC v Ripple case ruled that the XRP token in itself is as security. The judge claims the crypto is not a contract, transaction, or scheme that meets the Howey requirements of an investment contract. Former SEC securities lawyer Marc Fagel agreed that while Judge Torres did not address secondary market sales, “programmatic sales sure sound like secondary market sales”. He also commented on the SEC Commissioners votes regarding the Ripple SEC case remaining confidential until the lawsuit completely ends. Judge Orrick in SEC vs Kraken warned the agency about distinguishing between the nature of the crypto asset itself and sales of the asset. Moreover, in the SEC v Binance lawsuit, Judge Jackson completely dismissed the SEC’s claims that secondary sales of BNB and sales of BUSD are securities. Opensea wells notice is seen as an attack on creators and artists. NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more. Fagel further explained that secondary sales are not exactly securities, but the court will have to whether Section 5 of the Securities Act is violated. Ripple CLO Stuart Alderoty reveals why a case against Opensea is damaging for the government agency. SEC Will Not Appeal…
The post Ex-SEC Explains Why Secondary Sales Are Not Securities appeared on BitcoinEthereumNews.com.
Ripple SEC Case: The U.S. Securities and Exchanges Commission (SEC) Wells Notice against NFT marketplace Opensea has fueled debates on whether secondary sales are securities or not. Judge Torres did not issue a ruling on these sales but she stated that a “programmatic buyer stood in the same shoes as a secondary market purchaser.” Secondary Market Sales Are Not Securities, Ex-SEC Lawyer Agree Lawyers argue that the U.S. SEC lawsuit against Opensea alleging non-fungible tokens (NFT) as securities, is in conflict with the latest rulings in crypto cases. Pro-XRP lawyer Bill Morgan revealed that Judge Torres in the SEC v Ripple case ruled that the XRP token in itself is as security. The judge claims the crypto is not a contract, transaction, or scheme that meets the Howey requirements of an investment contract. Former SEC securities lawyer Marc Fagel agreed that while Judge Torres did not address secondary market sales, “programmatic sales sure sound like secondary market sales”. He also commented on the SEC Commissioners votes regarding the Ripple SEC case remaining confidential until the lawsuit completely ends. Judge Orrick in SEC vs Kraken warned the agency about distinguishing between the nature of the crypto asset itself and sales of the asset. Moreover, in the SEC v Binance lawsuit, Judge Jackson completely dismissed the SEC’s claims that secondary sales of BNB and sales of BUSD are securities. Opensea wells notice is seen as an attack on creators and artists. NFTs are fundamentally creative goods: art, collectibles, video game items, domain names, event tickets, and more. Fagel further explained that secondary sales are not exactly securities, but the court will have to whether Section 5 of the Securities Act is violated. Ripple CLO Stuart Alderoty reveals why a case against Opensea is damaging for the government agency. SEC Will Not Appeal…
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