Uncovering the XRP Secret Howey Memo
If you’re a holder of XRP tokens, attorney John Deaton has some interesting revelations about a secret memo that could potentially impact your investment. This memo, dating back to June 2018, was a note from the SEC appointed Counsel to the former director of the SEC’s Division of Corporation Finance, William Hinman. Deaton questions why this document has not been made public, especially since SEC officials have claimed that the sale of XRP was an unregulated security.
“Why isn’t the Howey memo publicly available? Why didn’t Jay Clayton and William Hinman explicitly state that XRP sales were considered securities? The memo actually suggested that XRP was given away by Ripple for non-investment purposes.”
The Significance of the Howey Memo
Deaton emphasizes that the Howey memo holds crucial importance because it could potentially prove that XRP is not a security. This finding could have influenced Ripple’s perspective on XRP and its compliance with the Howey test conditions. Deaton argues that the memo might have been inconclusive for the SEC, but it could have supported Ripple’s position that XRP was not a security.
Judge Analisa Torres Supports the Howey Argument
Deaton also highlights that Judge Analisa Torres has already acknowledged that the XRP token sales did not meet the Howey Test. In light of this, Deaton believes it is essential for Jay Clayton and William Hinman to be questioned in court. Furthermore, Deaton suggests that the SEC may be trying to hide the memo because it could potentially harm their case. He questions why the agency would withhold the document if it did not classify XRP as a security.
Hot Take: The Secret Memo’s Revelation
The existence of the secret Howey memo raises intriguing questions about the nature of XRP and its regulatory status. If this memo could potentially prove that XRP is not a security, it could have significant implications for XRP token holders. The ongoing legal battle between Ripple and the SEC continues to uncover new information that could reshape the cryptocurrency landscape. As more details emerge, it becomes evident that this case has far-reaching consequences for the broader digital asset industry.
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