Pro-XRP attorney unearthed an old SEC email on XRP coin & noted that the SEC body agreed that Howey Test is not fully applicable to this token.
Ripple is a blockchain firm, known for providing cross-border payment services across the world. The services of the Fintech firm are available globally, where 95% of its customers are from non-US countries. For the last 2 years, Ripple has been under a lot of legal stress because of a dispute with the United States Securities and Exchange Commission (SEC) over the nature of the XRP coin.
On 21 May, John Deaton, a popular crypto lawyer & also one of the supporters of the XRP token, shared an email screenshot from the US securities regulatory body, where they indirectly admitted that XRP is not a security, as Howey Test can’t be applied.
I think they were included but not all referenced in the brief in argument.
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BUT I MISSED THIS EVEN THOUGH I TWEETED IT OUT.
Read the footnote:
Exhibit 220 is part SEC emails: XRP is mentioend and that there are reasonable grounds XRP doesn’t satisfy ALL Howey factors. HUGE. pic.twitter.com/Y3AELAjwbF
— John E Deaton (@JohnEDeaton1) May 20, 2023
Howey Test is a set of rules and if any asset ( stock, bond, or crypto token) satisfies all the rules then the SEC considers that token as a security.
Now many XRP supporters are discussing in the crypto Twitter community why the Ripple defense lawyers failed to use this SEC’s email where the regulatory body itself admitted that Howey Test is not fully applicable and does not apply to the coin.
In Dec 2020, the US SEC body initiated the case against the Ripple firm & dragged its top executives on the radar for potential securities laws violation.
The whole case depends on the fact whether XRP is a security or not. Once Ripple’s defense lawyers will succeed to prove that XRP is a non-security crypto token then Ripple will secure full victory in this legal dispute.
Last week, the court judge ordered the SEC body to release the document publicly & provided it in the court, in which the former SEC official William Hinman said that Ethereum is a security.
Ripple defense lawyers are expecting to prove XRP coin a non-security crypto token on behalf of Hinman’s statement.
Read also: CoinMena adds support for Shiba inu token
SEC’s old email considers XRP not a security, and Ripple lawyers fails to consider
https://bitcoinik.com/secs-old-email-considers-xrp-not-a-security-and-ripple-lawyers-fails-to-consider/feed/
https://bitcoinik.com/secs-old-email-considers-xrp-not-a-security-and-ripple-lawyers-fails-to-consider/feed/
