United States-based crypto advocacy group Blockchain Association has come out in support of Ripple Labs amid its ongoing legal battle with the Securities and Exchange Commission (SEC), claiming the case could be very important for the future of the crypto industry.
The Howey Test determines what qualifies as an investment contract and is therefore what is subject to U.S. securities laws.
The association also claimsSEC is disregarding clear Supreme Court and Second Circuit precedents stating transactions aboard are beyond the jurisdictional reach of the SEC.
The Second Circuit has repeatedly re-emphasized the Supreme Court's lesson on this subject."
Source: Cointelegraph
#Blockchain