Is XRP a security?

The SEC calls XRP a security, using the Howey test to back its claim. Under this test, the SEC asserts users invest money into the coin with an expectation of profit derived from the efforts of a third party — in this case, Ripple Labs. Ripple, on the other hand, asserts that XRP is a currency and nothing more.

Is the SEC allowing employees to trade XRP?

Ripple’s legal team has filed a motion to compel the U.S. Securities and Exchange Commission (SEC) to reveal whether it allowed its employees to trade XRP. The SEC requires its employees to seek clearance before they trade any security.

Will XRP & SEC settle in 2022?

Brad did state that he wouldn’t settle unless there’s clarity. Both the SEC and Ripple Labs, the company behind the ripple ( XRP) cryptocurrency, had until 30 November 2022 to submit a reply in support of their summary judgment motions, which were made public on 2 December 2022.

What does the SEC's Howey test mean for XRP?

The suit involves Ripple’s sale of the XRP crypto. The SEC calls XRP a security, using the Howey test to back its claim. Under this test, the SEC asserts users invest money into the coin with an expectation of profit derived from the efforts of a third party — in this case, Ripple Labs.