XRP defender Jeremy Hogan receives FTX's sales secrets from former SEC official Marc Fagel
gave his opinion on the matter, outlining the intricacies of the situation. He explained that FTX, not being the issuer of these tokens, likely qualifies for an exemption from SEC registration. Fagel also pointed out the potential complexity of the situation if were to sell its own tokens, which could lead to a more complicated legal scenario. Questions about the exchange's own token, FTT, also led Fagel to suggest that its sale could raise more complex legal issues.
Future sales would be similarly exempt, so I’m not sure I follow your reasoning. The only complication comes with exchanges—is a particular token a security for purposes of requiring the exchange to be registered? That’s what the Coinbase/Binance cases may resolve.The discussion went on to whether the same exemptions would apply to future sales of these tokens on secondary markets. Fagel expressed confidence that future token sales would likely not be subject to SEC registration requirements.
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