It should also be mentioned to everyone that Mr. Chris Ginacarlo works for a big law firm that Ripple hires for their legal necessities. He is paid in XRP tokens hehehehehe.
Chris Giancarlo, after receiving his XRP payment
Now chairman emeritus Giancarlo, who was deemed “Crypto Dad” following an impassioned speech he gave to Congress where he credited bitcoin for finally getting his kids interested in finance, is at it again, having co-written a detailed argument published this morning in the International Financial Law Review for why XRP, the cryptocurrency formally known as “ripples,” was also not a security. The only problem is he’s no longer a regulator. In fact, his employer is on the payroll of Ripple, the largest single owner of XRP, whose co-founders actually created the cryptocurrency.
The bombshell paper, titled, “Cryptocurrencies and U.S. Securities Laws: Beyond Bitcoin and Ether,” co-authored by commodities lawyer Conrad Bahlke of New York law firm Willkie Farr & Gallagher LLP, methodically reviews the criteria of the Howey Test, established by the SEC in 1946 to determine whether something is a security, and point-by-point argues that XRP does not qualify.
Read in full https://www.forbes.com/sites/michaeldelcastillo/2020/06/17/xrp-isnt-a-security-declares-former-cftc-chairman/