Impact

Read

<div class="cryptonews"> 
 <p class="is-style-lead">An un<a rel="dofollow" title="disclosed" href="https://thebittimes.com/tag/disclosed.html">disclosed</a> SEC memo, spotlighted in a recent Twitter discussion, questions the agency’s initial stance on XRP’s classification, complicating Ripple’s ongoing <a rel="dofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> <a rel="dofollow" title="battle" href="https://thebittimes.com/tag/battle.html">battle</a>.</p> 
 <p>Bill Morgan highlighted a memo discussing the SEC’s internal views on XRP’s security status.</p> 
 <p>John Deaton, in his response, clarified that the memo didn’t label XRP as a non-security but indicated no enforcement recommendations, suggesting the SEC didn’t initially view XRP as a security.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">To be clear, I didn’t say the memo concluded XRP is not a security. The memo was found to be privileged and not disclosed so I haven’t read exactly what it says. But Judge Netburn found it important to note that the authors of the memo, who were Enforcement lawyers at the SEC,…</p>— John E Deaton (@JohnEDeaton1) August 27, 2023
   </blockquote> 
  </div>
 </figure> 
 <h2 class="wp-block-heading" id="impact-on-ripple-s-lawsuit">Impact on Ripple’s Lawsuit</h2> 
 <p>Deaton pointed out that if the SEC was unsure about XRP’s status in 2018, it’s questionable to accuse Ripple leaders, Brad Garlinghouse and Chris Larsen, of previously selling XRP recklessly as an unregistered security. While the memo’s details are confidential, it challenges the SEC’s current stance against Ripple.</p> 
 <p>As the <a rel="dofollow" title="legal" href="https://thebittimes.com/tag/legal.html">legal</a> face-off between Ripple and the SEC unfolds, this un<a rel="dofollow" title="disclosed" href="https://thebittimes.com/tag/disclosed.html">disclosed</a> memo complicates the debate surrounding XRP’s classification and Ripple’s alleged misconduct.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Two more US SEC attorneys withdraw from XRP lawsuit 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/undisclosed-sec-memo-muddies-waters-in-ripple-s-legal-battle-tbt60662.html">https://thebittimes.com/undisclosed-sec-memo-muddies-waters-in-ripple-s-legal-battle-tbt60662.html</a></p>

Undisclosed SEC memo muddies waters in Ripple’s legal battle

Table of Contents

TheBitTimes

Other articles published on Aug 28, 2023

Crypto Community Urges Elon Musk to Combat Fake Verified Groups

SHIB Price Down, Top Shiba Inu Team Member Explains Why

Coinbase Expanding Global Market with Coinbase One in Canada

Reliance's Jio Financial Services, Ventures Into Blockchain And CBDC Integration

Balancer suffers $900k exploit amid recently discovered vulnerability

Shiba Inu Lead Developer’s Last Shibarium Scaling Update

Join our free newsletter for daily crypto updates!