XRP News: The US District Court for the Southern District of New York is yet to deliver a judgment on whether Ripple’s XRP can be considered a Security. In the meantime, the attorney representing XRP holders in the crucial Ripple lawsuit made a huge claim on the nature of the XRP token based on the SEC’s staff submission.
XRP Was Never A Security
Attorney John Deaton, Amicus Curiae in the XRP Lawsuit highlighted a footnote from Ripple’s opposition and reply briefs submitted in the court. It stated that “there are reasonable grounds to conclude that XRP does not satisfy all elements of the Howey Analysis and is therefore not a security for purposes of the federal securities law.
While Exhibit 230 also stated that it is “more likely than not” that XRP “will not be considered a security and thus it should not be subject to regulatory oversight by the US SEC.
It is important to note that mentioned statement is from exhibit 220 which is a part of the SEC emails. However, this raises a vital concern here why did the commission allege charges against the Ripple executives when its staff analyzed that XRP is not a security in nature?
Adding further to the claim, the attorney pointed out that on June 13, 2018, the SEC Enforcement lawyers penned down a note analyzing XRP. However, the commission did not recommend any enforcement including a cease and desist letter to halt trading of the token.
In recent developments, the court rejected the US SEC’s motion to seal the Hinman Speech linked documents and emails. The memos will soon be out in the public view. The revelation of the infamous speech memos is considered vital for the crypto industry as it will guide them on why former US SEC Director of Corporation Finance, Bill Hinman examined that Ether (ETH) is not a security.
