Nonprofit Better Markets Files Amicus Brief in Support of SEC's Lawsuit Against Ripple

Odaily News Nonprofit financial markets organization Better Markets has filed an amicus brief in support of the SEC’s ongoing litigation against Ripple. According to the filing, the company shared three unique arguments to support its claim that XRP satisfies the Howey Test.
Better Markets stressed that “investors purchasing these securities on a trading platform does not change their nature.” It believes that the district court’s ruling is not supported by the statutory definition of securities. It argues that previous rulings in favor of Ripple in litigation “conflict with the Supreme Court’s definition of investment contracts in the Howey case.”
The amicus brief from Better Markets came a week after Gary Gensler appealed the ruling, which questioned the retail sale of XRP. It also argued that "the district court ignored the economic realities of Ripple's XRP token issuance and sales, and the ability of investors to understand the connection between Ripple's initiatives and promises of profits." The organization therefore recommended that the court overturn the ruling that XRP sold on exchanges to retail traders was not an investment contract. (CoinGape)