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If the SEC win, then the case could set a legal precedent, that would allow the SEC to deem almost anything they wanted, a security. John Deaton's class action lawsuit, is about this very issue, the SEC are alleging XRP is a security itself, which is akin to saying the oranges in the original Howey case, are securities. This in effect means, every person trading or growing oranges would have to become securities registered or potentially get sued by the SEC.

Apply this same logic to almost anything and everything traded with US citizens, it could all potentially fall under SEC jurisdiction. One line of code that facilitates any kind of trade, could be classed as aiding and abetting securities fraud, unless it has been SEC approved. This is clearly insane and a total legal overreach / power grab by GG. The worst thing of course is this all stems from a SEC perpetrated fraud in the first place.

America had better get its head around this SEC wet dream, GG must be stopped or the SEC will gain so much power, that nobody or entity trading in or with the USA or its citizens will be safe from Gary Gensler's SEC. What's at stake potentially, is free trade in the USA and anybody trading with US citizens or companies etc.

The SEC and GG have overstepped the boundaries of their remit and are now acting out of self-interest and at the expense of potentially EVERYONE else in the USA, unless of course you're in with the SEC!

Don't hand this power to the SEC or GG, we have already seen what they and some of their officials are capable of.

Edited by HAL1000
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