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Hinman correctly stated:
“the token – or coin or whatever the digital information packet is called – all by itself is not a security, just as the orange groves in Howey were not.”
In 2019 - 9 months after Hinman’s speech - former Chairman Clayton AGREED with Hinman’s speech.
Just replace in Coinbase’s submission below the words ‘each asset issuer’ with Ripple and insert ‘XRP’ before transaction and you get all XRP transactions on @coinbase fail all four prongs of Howey. It Coinbase’s own submission but @iampaulgrewal has no answer.
@xrpmickle@iampaulgrewal I think it is totally inconsistent with its Wells notice response submission and likely future defense that secondary market sales on Coinbase don’t meet any prong of Howey. So why did it delist XRP but not other cryptos the SEC calls securities which it lists.
Seriously, if @coinbase is going to run this argument👇in a defense to a claim by the SEC & mean it then it’s decision to delist & ongoing decision not to relist #XRP is an entirely inconsistent and inconvenient fact. Let me just rephrase the submission to reinforce the point/1