The SEC’s theory, that XRP is an investment contract, is wrong on the facts, the law and the equities. B. To prove its case amounts to an unprecedented and ill-conceived expansion of the Howey test and the SEC’s enforcement authority against digital assets. C. The SEC’s theory that XRP is an investment contract ignores the economic reality that XRP is, and has long been, a digital asset with a fully functional ecosystem and a real use case as a bridge currency that does not rely on Ripple’s efforts for its functionality or price. D. XRP is a currency. XRP is similar to bitcoin and ether, which the SEC has determined ... (full story)