Huge asymmetrical risk for exchanges. Have to assume SEC's case is in good faith. Judges tend to side with agencies. If XRP found to be a security, SEC would say that exchanges should have known. Safe harbor pending outcome would have been responsible if only purpose is to "test"
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This is why regulation by enforcement wreaks such havoc. By bringing a massive enforcement case, the SEC acknowledges they didn’t “determine” anything, but the crypto markets - under pressure - interpreted the filing as such, causing massive damage to retail holders. 1/2 twitter.com/s_alderoty/sta…
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