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Undisclosed XRP Memo From 2018 Reopens Old Wounds As Security Arguments Erupt

Press Releases Crypto News Bitcoinist Undisclosed XRP Memo From 2018 Reopens Old Wounds As Security Arguments Erupt

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.

Long-Hidden SEC Memo Unveiled To The Public

On August 27, lawyer and digital analyst, Bill Morgan replied to a comment made by a fellow X user, Sandy Seth. In this response, Seth had asked Morgan if the SEC presented a memo confirming that XRP did not fulfill the Howey Test.

The question itself triggered a ripple effect that resulted in a series of arguments and discussions on the Ripple case, pushing Deaton to reveal information about the memo’s contents.

Although a firm advocate for Ripple’s win against the SEC, Deaton first refuted claims of divulging that the memo drew inferences of XRP being security. He instead said that the memo’s information was not available to the public; however, he revealed that it was written by the United States Securities Exchange Commission’s (SEC) enforcement lawyers.

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,…

— John E Deaton (@JohnEDeaton1) August 27, 2023

Deaton also stated that the memo was “inconclusive” with reasons being that if the memo affirmed that XRP was a security, then the SEC would not sit on it, but would take proper legal actions against Ripple.

The lawyer, however, claimed a possibility of the SEC using unjustifiable means to push the Ripple case forward, disclosing that prominen

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Author: Scott Matherson

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