Ripple (XRPUSD)

[ap17]

Excellent Amicus brief. SEC is doomed. (we all knew that)

ARGUMENT ...................................................................................................................... 
 .............4 
 I.THE SEC’S ENFORCEMENT APPROACH TO DIGITAL ASSETS DEPRIVES 
 STAKEHOLDERS OF FAIR NOTICE AND RISKS CHILLING INVESTMENT  
 AND INNOVATION IN EMERGING DIGITAL TECHNOLOGIES 
 . ..........................................................4 
 A. 
 Blackletter Principles of Administrative Law Require Fair Notice, 
 Particularly When It Comes To 
 Regulation Of New, Evolving 
 Technologies. ...........................................................................................................4 
 B. 
 The SEC’s Actions Here Reflect An Approach To Digital Assets That Is 
 Contrary To The Goal Of Predictability And Principles Of Fair Notice. ................5 
 C. 
 The SEC’s Approach Risks Chil 
 ling Innovation And Investment. .......................10 
 D. 
 Rulemaking, Not Enforcement, 
 Is The Proper Path Forward. ...............................14 
 II. 
 THE CONSEQUENCES OF A RULING IN FAVOR OF THE SEC HERE 
 UNDERSCORE THE SERIOUS PROBLEMS WITH THE SEC'S 
 APPROACH TO ENFORCEMENT. 
 . ......................17 
 A. 
 The Existing Securities Regulatory Re 
 gime Cannot Mechanically Be 
 Applied To Digital Assets Such As XRP. .............................................................18 
 B. 
 Holders Of Other Digital Assets, As 
 Well As The U.S. Crypto Industry At 
 Large, Could Be Harmed By A Decision That Ripple Offered And Sold 
 XRP As An Investment Contract. ..........................................................................26 
 CONCLUSION .................................................................................................................... 
 ..........