What XRP’s Win Over the SEC Means for Web3: Mint One 72

This week, we saw what is arguably the most positive news of the year for crypto and web3: the ruling in the case of the SEC versus Ripple (XRP). But, what does it mean for web3 as a whole?

Token Gamer and NFT Insider have decided to combine forces to launch a weekly podcast, Mint One (formerly WAX Lyrical). John Nichols of NFT Insider and I will discuss a new topic every week, as well as feature special guests. If there’s a topic you’d like us to cover, make sure you let us know through the Token Gamer Discord or Twitter, or the NFT Insider Discord or Twitter.

In last week’s episode, John and I discussed the Folding Ideas documentary about Decentraland. This week, we turn our attention to current affairs and the topic that all of crypto is discussing: XRP.

Mint One Podcast, Episode 72: What XRP’s Win Over the SEC Means for Web3

If you haven’t followed what has been happening with the crypto ecosystem, Ripple ($XRP), I will give you a quick overview. Several years ago, the SEC opened a lawsuit against Ripple claiming that the $XRP token is a security and that they, therefore, sold unregistered securities. What determines a security in the US is anything that meets all three criteria of the Howey Test. As I mention in the episode, I worked on creating a simple explanation of the Howey Test, so here are my notes:

The Howey Test is used to determine whether a transaction is considered an investment contract, therefore a security. It was created in 1946 during the SEC vs W.J. Howey Co. The Howey Test has 3 criteria that all need to be met:

      • Investment of Money: People putting money into a venture; exchange of money for an investment opportunity.
      • Common Enterprise: An organization where multiple investors put their money into it and expect the company or a third party to make their investment go up.
      • Expectation of Profit: Investors anticipate earning profits (from the efforts of others, as above).

The judge’s ruling in the $XRP case was complicated, but for all intents and purposes, the judge deemed $XRP as not a security, which caused a crypto market pump. For a more complete explanation of the case and what it might mean for web3 as a whole, listen to episode 72 of the Mint One podcast!

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Robert Baggs
Robert Baggs
Full-time professional crypto writer and Editor of Token Gamer. Co-host of the Mint One Podcast. Obsessed with MMOs. London based. Primary holdings: WAXP, ENJ, & BTC. Secondary holdings: ETH, GALA, & MATIC

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