- Cryptocurrency advocate, John Deaton, addresses the 2018 SEC XRP memo suggesting its non-security status.
- Amidst a cloud of assumptions, Deaton clarifies he hasn’t declared the memo’s conclusion.
The Legal Maelstrom: 2018’s XRP Memo
In the intricate web of the crypto-legal world, a notable document has surfaced as a point of discussion: the 2018 XRP memo. This particular memorandum originated from the SEC’s enforcement lawyers, delving into the intricate realm of whether XRP should be classified as a security. What’s especially interesting is that even though the contents of this memo are yet to see the light of day, Judge Sarah Netburn pointed out a vital piece of information: the SEC’s legal pundits did not advocate for any punitive measures against Ripple Labs. This insinuates that, as of June 13, 2018, the memo perhaps did not pigeonhole XRP as a security.
Dispelling the Murk with Deaton’s Clarifications
Over a recent weekend discussion, a misinterpretation arose. An enthusiastic XRP follower stated that Attorney John Deaton had indicated that the memo didn’t classify XRP under the Howey test’s criteria. This statement was promptly rectified by Deaton himself.
Setting the record straight, Deaton emphasized,
“To be clear, I didn’t say the memo concluded XRP is not a security.”
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The advocate confessed that he hasn’t had the privilege to peruse the memo. However, he reiterated Judge Netburn’s point: the lack of recommendation against Ripple from the SEC’s enforcement lawyers. This arguably denotes that XRP wasn’t unequivocally tagged as a security during that time frame, or the memo would’ve certainly leaned towards enforcement action.
Probing the SEC’s Ambiguity
Deaton posed an intellectually stimulating query, challenging the SEC’s stance. If the regulatory body’s enforcement lawyers were ambivalent about XRP being a security in 2018, how could Ripple’s top brass foresee their alleged recklessness in circulating it as a security between 2013 and 2015?
Such profound questions further cast a shadow on the impending SEC vs. Ripple courtroom drama. As a refresher, Ripple’s head honchos, Brad Garlinghouse and Chris Larsen, are on the legal radar for allegedly aiding their company in disseminating XRP as a security. With Judge Analisa Torres gearing up for a trial in the second quarter of 2024, both the SEC and Ripple are prepping their strategies, indicating intriguing times ahead for the crypto community.
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