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Attorney Morgan explains how the SEC plans to prove XRP is a security

Lawyer Bill Morgan has speculated on how the US Securities and Exchange Commission (SEC) plans to prove that XRP is a security. Morgan believes that the SEC wants to expand the Howey test to cover cryptocurrencies by taking an extensive view of common enterprise, which has made it difficult for anyone to pinpoint the common enterprise in the SEC vs. Ripple case.

If the SEC is allowed to equate common enterprise to common interest, it will use the same argument against other crypto assets. Morgan also noted that the SEC has already started attacking the crypto industry with the fungible argument, as seen in its complaint against crypto exchange Bittrex regarding Algorand (ALGO).

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