TechFlow news, FOX Business journalist Eleanor Terrett tweeted that the SEC issued a statement regarding the court's ruling on XRP, expressing satisfaction with certain aspects of the decision while stating it will continue to review the court's opinion. The full statement reads:
"We are pleased that the court found Ripple’s offer and sale of XRP tokens in the form of investment contracts violated the securities laws in certain circumstances. The court agreed with the SEC that the Howey test governs the securities analysis of crypto transactions and rejected Ripple’s fictional test for what constitutes an investment contract, instead emphasizing that Howey and subsequent cases have recognized that both tangible and intangible assets can be the subject of an investment contract.
In addition, the court rejected Ripple’s fair notice argument, stating that the Howey test is clear and that lack of awareness cannot serve as a defense for violating the securities laws. The SEC will continue to review the decision."
