According to a leading US attorney, holding cryptocurrency solely in anticipation of appreciation should not be treated as a securities transaction. The attorney, Teresa Goody Guillen, clarified that such passive ownership is a personal speculative economic interest, not a structured investment that meets the legal definition of a security. This position aligns with the argument previously presented by Ripple to the SEC, emphasizing that regulation should not be extended solely based on the short-term profit intent of asset holders. The difference between ordinary holding and structured investment activity is key in the current crypto regulation debate.