The Court concludes that Ripple’s Other Distributions did not constitute the offer and sale of investment contracts.
SEC v. Ripple Court Filing, retrieved on July 13, 2023 is part of . You can jump to any part in this filing . This part is 14 of 18. HackerNoon’s Legal PDF Series here DISCUSSION II. Analysis B. Defendants’ Offers and Sales of XRP 3. Other Distributions The SEC’s last category of XRP offers and sales are “Other Distributions under written contracts for which recorded $609 million in ‘consideration other than cash’ in its audited financial statements.” SEC Reply at 5.
And, as a factual matter, there is no evidence that “Ripple funded its projects by transferring XRP to third parties and then having them sell the XRP,” SEC Mem. at 31, because Ripple never received the payments from these XRP distributions. In its opposition papers, the SEC pivots and argues instead that the Other Distributions were an indirect public offering because “the parties that received XRP from Ripple, such as an ‘ recipient,’ could ‘transfer their XRP to another holder.’” SEC Opp.
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