American lawyer Theresa Goodie emphasized in a recent legal analysis that simply holding crypto assets and expecting their appreciation should not be classified as securities trading. Lawyer Goodie pointed out that this form of holding constitutes passive economic rights and does not meet the definition standards of investment contracts under U.S. securities law framework. This view aligns with the stance previously taken by Ripple when submitting to the U.S. Securities and Exchange Commission—both advocating for avoiding an overly broad application of securities regulation due to investors' mere speculative intentions. This discussion touches on a core issue in cryptocurrency market regulation: how to distinguish legitimate asset holding from investment activities subject to securities law.