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0:00.0	a US court has ruled that XRP, the asset, is not a security. In the words of the judge,
0:06.4	Ripple sales of XRP do not constitute an offer of investment contracts. XRP, not a security.
0:16.1	This is absolutely huge because if XRP isn't a security, then nothing in crypto is a security.
0:23.6	Now, that's a little bit hyperbolic. Of course, it's possible to tokenize a thing that is a security
0:29.6	and issue a security on chain. But what it does mean is the SEC's overreach, their regulation
0:35.5	by enforcement, their allegations that clean base is an illegal securities exchange.
0:41.3	They're court filings indicating that Solana, that Filecoin, that Matic, that Adam,
0:46.4	that Cardano, that all of these are securities. Well, how can they be securities if XRP isn't?
0:52.6	How can eth be a security if XRP isn't? This is important precedent that was just set.
0:58.2	And I think puts Gensler back on his heels. It's a setback for Gensler. And for anyone in the SEC,
1:04.0	who thinks that this regulation by enforcement activity can continue. It's a check on their power.
1:09.8	And all of this came about, of course, from a multi-year court case between Ripple,
1:15.8	which is the company that originated XRP and the SEC. We haven't talked about it much because
1:20.0	it's been on the back burner for so long. But now here it is. This is a tweet from Bill Hughes.
1:25.2	He is a crypto lawyer. He says this, the SEC versus Ripple. In brief, here's what you need to know.
1:31.4	Ripple putting XRP on exchanges for trading and funding their operation with those sales
1:36.3	is not an investment contract and therefore not a security. That's what the court said.
1:41.5	Also, Ripple paying people in XRP is not an investment contract and therefore not a security.
1:47.8	And XRP is not a security in and of itself, even when offered through securities transaction.
1:53.4	So this turn of phrase, investment contract. XRP is not an investment contract when it's
1:59.3	on an exchange. If you pay people with it or even when it's offered through a securities transaction,
2:06.3	that's what the court ruled. However, the court did say that Ripple's original selling
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