The massive rally has run out of steam XRP
the court decision, pointing out several potential flaws. Stark suggests that the ruling creates a complicated distinction between private sales of XRP to accredited investors and programmatic sales of the tokens on crypto-trading platforms.
He argues that this approach could establish a class of"quasi-securities" that change depending on the sophistication of the investor, something he calls"counter-intuitive, inconsistent with SEC case law and unprecedented in this context." Stark also highlights the concern that the ruling may treat sales of tokens to sophisticated investors, such as venture capitalist firms, as securities, while those sold to retail traders are not.
Otherwise, he warns, the market may see a new iteration of tokens exempt from securities regulation due to investor ignorance and lack of disclosure.
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