1/ I agree with the erudite @stephendpalley (unless your first name rhymes with “beston”, how can you not?).

However, there is an important imbedded question: who are these “Ripplers”? https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤔" title="Denkendes Gesicht" aria-label="Emoji: Denkendes Gesicht"> https://twitter.com/stephendpalley/status/1388513215127166986">https://twitter.com/stephendp...

2/ If the “Ripplers” are the named defendants (Ripple Labs, Inc. and two executives), that is one thing. But what about those who hold #xrp tokens? Are they also “Ripplers”?

3/ Although the SEC complaint frequently states that the #xrp token is a “security”, that question is not at issue in the case.

The case in fact follows a long line of enforcement actions that have targeted promoters who have sold everything from https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥃" title="Tumblerglas" aria-label="Emoji: Tumblerglas"> to https://abs.twimg.com/emoji/v2/... draggable="false" alt="🪱" title="Worm" aria-label="Emoji: Worm">...

4/ ... promising (or implying) high returns when whatever was sold was later disposed. In this respect, it is not a novel fact pattern.

5/ There is a separate question as to whether each person, unrelated to Ripple Labs, who later bought or sold #xrp was also engaging in a securities transaction.

6/ For many reasons, this question will prove to be much more challenging to establish in a courtroom.

7/ At the same time, if Ripple Labs loses and can no longer support their protocol, can the community come together, support the https://abs.twimg.com/emoji/v2/... draggable="false" alt="⛓" title="Ketten" aria-label="Emoji: Ketten">, and independently promote the value of #xrp?

This is the social experiment I’m curious to see.

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