The New Sports Economics Institute (NESI) has filed a summary application with the court to support the SEC in its fight against Ripple.
Not long ago, the US Securities and Exchange Commission (SEC) took Ripple to court for alleged illegal sales of XRP securities. There has been a legal battle between the SEC and Ripple that has been going on for nearly 2 years. Recently, new supporters came to Ripple for the lawsuit. Now a new name has joined the SEC’s side.
New Backer to SEC in Ripple Case
The New Sports Economics Institute (NESI) wanted to provide a summary for Ripple’s lawsuit with the US Securities and Exchange Commission (SEC).
In its summary, NSEI argues that the XRP cryptocurrency tied to Ripple is a speculative tool. The SEC supporter alleges that the defendants read too much into the joint venture element of the Howey test and that Ripple took no offense at every opportunity and misinterpreted the true intent.
According to NSEI, an XRP investor is highly dependent on a speculative asset. In addition, the institution believes that speculative intent far outweighs consumption intent. In the summary, the institution states that Ripple and XRP are there for speculation.
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