David Schwartz and Marc Fagel debate XRP securities attributes

Ripple CTO David Schwartz stated that although the SEC acknowledges that XRP itself is not a natural security, its legal theory still considers XRP as a security. Former SEC San Francisco Office Regional Director Marc Fagel stated that the case is aimed at Ripple's XRP sales, not the XRP token itself. Schwartz countered that the SEC's claim about exchange program sales cannot be explained solely by Ripple selling XRP in the form of securities. The court determined that some institutional sales constitute investment contracts, while Ripple's programmatic exchange sales do not constitute investment contracts. Schwartz believes that the court has narrowed the SEC's theory. （News.bitcoin）