- SEC prosecutors’ memo hints Ripple was informed of its investigation by mid-June 2018.
- Despite legal challenges, XRP sees a significant uptick among South Korean youth, constituting 20.7% of their crypto holdings.
Was Ripple Alerted of SEC’s Watchful Eye in 2018?
A new dimension has been added to the Ripple vs. SEC narrative, courtesy of legal commentator John E. Deaton. Through a revelatory tweet, Deaton presents a potentially game-changing piece of information: a memo by SEC lead prosecutors suggesting Ripple and its CEO, Brad Garlinghouse, were potentially aware of the SEC’s scrutiny by June 14, 2018.
This finding begs the question – was Ripple’s confidence anchored in a speech by ex-SEC official, William Hinman?
Interrogating the SEC’s Perspective
The memo’s specifics are shrouded in privilege-induced mystery, sparking widespread debate. Curiously, the document doesn’t advise any punitive measures regarding Ripple’s XRP sales, casting doubts over Ripple’s previously asserted narrative.
Taking a deductive stance, Deaton infers that as of June 13, 2018, SEC attorneys might not have classified XRP as a security. Yet, the implications of this memo, if verified, might land Ripple’s leadership in hot water for potentially breaching securities regulations. To add context, a government-sanctioned independent auditor had been inspecting XRP sales biannually since 2015, publishing exhaustive reports.
With three years of sales data accumulated by June 2018, Ripple’s portrayals to regulatory behemoths like the CFTC, SEC, and FinCEN are under the microscope. Their consistent portrayal of XRP as an autonomous payment mechanism is in jeopardy. Is Deaton insinuating a mounting discomfort within the SEC about Ripple’s positioning?
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Another voice in this ensemble, John Reed Stark, a crypto skeptic, opines that Ripple might have crossed certain legal boundaries. Yet, even Stark recognizes the necessity of a thorough probe, adding layers to this multifaceted saga.
Morgan’s Critical Analysis
Legal maestro, Bill Morgan, enters the fray, targeting the SEC’s digital asset valuation stance, with XRP as the focal point. Morgan accuses the SEC of over-simplifying digital assets, alleging that this reductionism facilitates the Howey Test’s application to ascertain their investment nature. Contrarily, Morgan insists that digital assets’ intrinsic value, derived from their functionality and utility, often goes unrecognized by the SEC.
As the Ripple vs. SEC melodrama unfurls, legal proceedings intensify, marked by the SEC’s recent appeal plea and potential trial dates set for 2024.
XRP’s Korean Momentum
In the backdrop of these regulatory turbulences, XRP emerges as a phoenix, particularly among South Korean millennials. Fresh statistics reveal XRP encompasses an impressive 20.7% of their crypto investments, overshadowing the combined might of Bitcoin and Ethereum. This upswing cements XRP’s status as South Korea’s second-favorite crypto coin, emphasizing its allure for the younger demographic.
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