Better Markets Inc., a non profit financial markets organization, has submitted an amicus brief supporting the United States Securities and Exchange Commission (SEC) in its ongoing lawsuit against Ripple Labs Inc. The brief argues that Ripple’s XRP, the cryptocurrency issued by Ripple, qualifies as an investment contract under the Howey Test and should be classified as a security.
The filing, made on January 22, 2025, emphasizes the need for regulatory oversight to protect retail investors, citing legal inconsistencies in the district court’s prior ruling favoring Ripple.
Ripple XRP Transactions on Trading Platforms Satisfy Howey Test
Better Markets claimed that XRP sales meet the test of Howey which is used to determine whether an offering qualifies as an investment contract. The organization emphasized that retail investors buying XRP on trading platforms definitely meet Howey’s third element where the investment’s profits depend on the efforts of others.
The bri
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