A HOWEY TEST ANALYSIS 🧵:
ONE YEAR LATER

Does #XRP pass the Howey test?

In order to pass the Howey test and be considered an investment contract (aka security), 4 factors MUST be satisfied. If ALL FOUR factors are not met, the instrument or asset is NOT a security.

— John E Deaton (@JohnEDeaton1) December 22, 2021