SEC Staff Emails Reveal XRP Didn’t Fail Howey Test

 SEC Staff Emails Reveal XRP Didn’t Fail Howey Test


XRP News: The US District Court for the Southern District of New York is yet to deliver a judgment on whether Ripple’s XRP can be considered a Security. In the meantime, the attorney representing XRP holders in the crucial Ripple lawsuit made a huge claim on the nature of the XRP token based on the SEC’s staff submission.

Also Read: Why Didn’t US SEC Appeal Over Hinman Docs? Is It Looking To Settle?

XRP Was Never A Security

Attorney John Deaton, Amicus Curiae in the XRP Lawsuit highlighted a footnote from Ripple’s opposition and reply briefs submitted in the court. It stated that “there are reasonable grounds to conclude that XRP does not satisfy all elements of the Howey Analysis and is therefore not a security for purposes of the federal securities law.

While Exhibit 230 also stated that it is “more likely than not” that XRP “will not be considered a security and thus it should not be subject to regulatory oversight by the US SEC.

It is important to note that mentioned statement is from exhibit 220 which is a part of the SEC emails. However, this raises a vital concern here why did the commission allege charges against the Ripple executives when its staff analyzed that XRP is not a security in nature? Read More XRP News Here…

Also Read: Will Central Banks Utilise XRP Via Ripple’s CBDC Platform?

Adding further to the claim, the attorney pointed out that on June 13, 2018, the SEC Enforcement lawyers penned down a note analyzing XRP. However, the commission did not recommend any enforcement including a cease and desist letter to halt trading of the token.

In recent developments, the court rejected the US SEC’s motion to seal the Hinman Speech linked documents and emails. The memos will soon come out in public.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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