Legal Expert Michael Selig: No Common Relationship between Ripple and XRP Buyers

Prominent attorney Michael Selig shared an authoritative opinion in the ongoing debate over whether programmatic sales of XRP breach SEC regulations after Judge Analisa Torres decreed that these sales and other related exchanges do not qualify as ‘investment contracts’. With their request for permission of an interlocutory appeal, the SEC countered her ruling, but Selig warned that overturning the decision would prove quintessentially difficult given there is no defined common relationship between Ripple and those who purchased it.

Another professional, John Deaton from Crypto Law.US, conceded agreement with the supposed foreseeable difficulty of the SEC, stating ‘the SEC shift in focus from Ripple to a global network of exchanges and users of XRP was unproviable and ultimately led them back to arguing XRP itself was a common enterprise. He thereby concluded that, regardless of the SEC successfully winning an audition in which to base appeals, Judge Torres would ultimately fall back ont he facts drawn in light of their lack of a shared linkage.

With these views, expectations of what is yet to surface during the remaining legal abundance continues to build, sources alluded to the cause possibly gaining sizeable attention of the milestone outcome.

Robert Wilson author
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