Undisclosed SEC memo muddies waters in Ripple’s legal battle
An un disclosed SEC memo, spotlighted in a recent Twitter discussion, questions the agency’s initial stance on XRP’s classification, complicating Ripple’s ongoing legal battle . Bill Morgan highlighted a memo discussing the SEC’s internal views on XRP’s security status. John Deaton, in his response, clarified that the memo didn’t label XRP as a non-security but indicated no enforcement recommendations, suggesting the SEC didn’t initially view XRP as a security. 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 Impact on Ripple’s Lawsuit Deaton pointed out that if the SEC was unsure about XRP’s status in 2018, it’s questionable to accuse Rip...