Key Takeaways David Schwartz says the SEC treated XRP as a security by arguing holders expected profits from Ripple’s efforts. Former SEC regional director Marc Fagel says the case targeted Ripple’s XRP sales, not the crypto token itself. Their dispute centers on whether calling XRP “just code” meaningfully limited the SEC’s legal theory. Schwartz Says SEC’s XRP Theory Extended Beyond Ripple’s Conduct The disagreement between Ripple CTO Emeritus David Schwartz and former SEC official Marc Fagel unfolded on X on July 13, centering on whether the SEC challenged only Ripple’s sales practices or effectively treated XRP itself as a security. …