A federal judge recently ruled that XRP was a security when sold in some contexts but not others. And what coinbase is doing (at least with their basic trading

A federal judge recently ruled that XRP was a security when sold in some contexts but not others. And what coinbase is doing (at least with their basic trading platform, I know they have more questionable stuff going on as well) sounds like it wouldn't be a security for any coins. > The court found that the “Programmatic Sales” did not satisfy Howey’s third prong because such buyers could not reasonably have expected that Ripple would use the proceeds of the sales to improve the XRP ecosystem and thereby cause an increase in the price of XRP. Citing SEC v. Telegram Group Inc., the court stated that this inquiry turns on the “promises and offers made to investors” and not each buyer’s motivation, making the blind bid/ask aspect of the transactions a key consideration. Ripple did not make any promises or offers because it did not know who was buying the XRP, and the purchasers did not know who was selling it. https://www.mondaq.com/unitedstates/fin-tech/1348902/sdny-rules-ripples-xrp-token-was--and-was-not--a-security https://www.mondaq.com/unitedstates/fin-tech/1348902/sdny-ru...