<ul><li>A 2018 internal memo from SEC enforcement lawyers did not recommend any action against Ripple for its sale of XRP tokens.</li><li>Legal expert Bill Morgan criticizes the SEC&#39;s approach to digital assets, arguing that it overlooks the intrinsic value of cryptocurrencies like XRP.</li><li>Deaton’s comments imply that the SEC&#39;s enforcement lawyers were uncertain about XRP&#39;s classification.</li></ul>In a pivotal development that could reshape the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), attorney John E. Deaton reportedly <a href="https://twitter.com/CryptoDukeji/status/1695804244480184484?s&#61;20" rel="noopener noreferrer nofollow">disclosed</a> a 2018 internal memo. This memo from SEC enforcement lawyers did not recommend any action against Ripple for its sale of XRP tokens. This revelation raises critical questions about what Ripple executives might have known regarding potential violations of securities laws.In a separate post, Deaton discussed details of the memo in question, stating:<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/f06ffcd5f7b5456aa7963e4cc15143e2.png" />The undisclosed memo, dated June 13, 2018, has become a focal point in the case. According to Deaton, the memo suggests that SEC enforcement lawyers were not convinced that XRP should be classified as a security.This is particularly significant given that by that date, Ripple had already submitted three years of XRP <a href="https://ripple.com/insights/q1-2018-xrp-markets-report/" rel="noopener noreferrer nofollow">sales data</a> to regulatory bodies like the CFTC, SEC, and FinCEN. The memo&#39;s existence raises questions about the SEC&#39;s evolving stance on Ripple, especially given the three years of amassed XRP sales data and Ripple&#39;s presentations to regulatory bodies.Legal expert Bill Morgan has also <a href="https://twitter.com/Belisarius2020/status/1695805055281291481?s&#61;20" rel="noopener noreferrer nofollow">criticized</a> the SEC&#39;s approach to digital assets. Morgan argued that the SEC&#39;s focus on intrinsic value simplifies its job in applying the <a href="https://cryptotale.org/lewis-amicus-brief-cites-the-secs-unprecedented-use-of-the-howey-test/" rel="noopener noreferrer nofollow">Howey Test</a>, a legal framework for determining what constitutes an investment contract. He contends that this perspective overlooks the intrinsic value that digital assets like XRP could possess based on their functionality and utility.Read full article at<a href="https://cryptotale.org/2018-sec-memo-raises-new-concerns-in-ripple-vs-sec-legal-battle/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

2018 SEC Memo Raises New Concerns in Ripple vs. SEC Legal Battle

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