The Existence of an Undisclosed XRP Memo Revealed
The crypto space is abuzz with renewed interest as prominent pro-XRP lawyer and enthusiast, John E. Deaton, revealed the existence of an undisclosed XRP memo from years ago. The memo was written by the United States Securities Exchange Commission’s (SEC) enforcement lawyers.
Main Breakdown:
- A comment made by a user triggered discussions on the Ripple case.
- Deaton clarified that he hadn’t read the memo but it was important to note the authors were SEC enforcement lawyers.
- Deaton argued that if the memo concluded XRP was a security, the SEC would have taken legal action against Ripple.
- John Reed Stark called for an investigation into potential unlawful acts by an SEC official.
- Deaton highlighted evidence that XRP was used as a form of payment and listed on prominent platforms.
Deaton Presents Compelling Defense of XRP Security Claims
Deaton argued that evidence shows XRP was not a security, including its use as payment by over 1700 vendors and being listed alongside Bitcoin, Ether, and Litecoin in a government report. He also mentioned an independent audit of XRP sales conducted by the US Government in 2015.
Main Breakdown:
- Deaton highlighted XRP’s use as payment by numerous vendors and its mention in a government report.
- An independent audit of XRP sales was conducted by the US Government in 2015.
- The SEC’s regulatory framework for digital assets in 2019 indicated that a token functioning as a virtual currency and readily used for payments may not be considered a security.
The Ripple vs. SEC Case Still Ongoing
The case between Ripple and the US SEC is ongoing, with the regulator filing an interlocutory appeal to reevaluate a previous decision. The decision stated that programmatic XRP sales do not qualify as securities.
Hot Take:
The revelation of the undisclosed XRP memo adds further complexity to the Ripple vs. SEC case. Deaton’s arguments provide compelling evidence that XRP should not be considered a security, raising questions about the SEC’s actions. As the case continues, it will be interesting to see how this new information impacts the final outcome.
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