- North America
- Web3 / Metaverse
Virtual-Currency Newsletter (3) S.E.C. v. Ripple: Elucidation of the Howey Test
On July 13, 2023, the Southern District Court of New York (hereinafter, the “Court”) issued its anticipated ruling in Securities and Exchange Commission v. Ripple Labs, Inc. The Securities and Exchange Commission (hereinafter, “S.E.C.”) had accused Ripple Labs, Inc., (hereinafter, “Ripple”) of having violated the Securities Act of 1933 (hereinafter, the “Securities Act”), specifically Section 5, by unlawfully offering and selling securities. Under American securities law, any person who offers to sell, offers to purchase, or sells a security, be it directly or indirectly, in interstate commerce must register with the S.E.C. The S.E.C. alleged that Ripple’s activities surrounding XRP, a token, constituted the offering and selling of an “investment contract,” which is a type of security under the Securities...To read the full article, please see the PDF file
- It is also available in PDF.
-
North America ＆ Web3/Metaverse Newsletter
Download PDF [250 KB]
Authors
Related Knowledge
-
-
AI Guidelines for Business and Financial Practice
Articles
-
-
Tokyo High Court Judgment on Restaurant Review Portal Site
Online
External Seminars
-
-
Cryptoassets and Property Law (civil law edition)
Others
-
-
Cabinet Submits 2024 Tax Reform Bill to Parliament
Articles
-
-
Publication of ecentralized Autonomous Organization Structure and Laws
Books
-
-
Industrial and policy trends regarding AI and media/creator sectors in the U.S. and other countries
Articles
In the area of Robotics/Artificial Intelligence, Shin Fukuoka mainly handles AI, Big Data and IoT. He acts as a Member of The Cabinet Office’s “Committee on Human-centered AI Social Principles” and Committee Member of the Ministry of Economy, Trade and Industry Investigative Commission on "The AI and Data Contract Guidelines Review Committee". In the area of Corporate, he mainly handles M&A and Corporate Governance. In the area of Restructuring/Insolvency, he has been involved in numerous restructuring and insolvency cases, with a focus on cross-border insolvency cases, representing both debtor parties and creditor parties. Most recently, he represented Daiichi Chuo Kisen Kaisha and Japan Airlines as a legal counsel of the debtor and Elpida, Takefuji and Mt.Gox as a creditor’s counsel. He has also contributed to many publications, including "Law and Strategy of the Internet of Things and Artificial Intelligence", "Artificial Intelligence: Law and Issues" and "Data Contract Law".