Drawing attention to Ethereum, the lawyer cautioned that the outcome of the SEC v. Ripple case “does NOT clear the path for Ethereum Foundation even if it is upheld … because of important distinctions in the methods used by Ripple to sell the ‘pre-mine.'” He highlighted the court’s ruling regarding institutional buyers acquiring unregistered securities, emphasizing: ”The pre-sale of ETH was ALOT like that.”
Jacoutot explained that firstly, “Everyone knew they were buying from Ethereum Foundation (which the Ripple Court found significant).” Secondly, “The ETH purchased during the pre-sale was subject to lockup period, which was significant in finding the institutional investors bought XRP as a security.”
In conclusion, while emphasizing that he does not want to diminish the win for Ripple and XRP supporters, the lawyer warned:
It may be a short-lived victory. I think the judge got the law wrong.
“But even if she didn’t, many projects (including Ethereum) remain exposed. And the court left open many other vexing securities questions,” he concluded.
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