Evidence of internal emails from the U.S. Securities and Exchange Commission (SEC) shows there are reasonable grounds to believe that XRP, the controversial cryptocurrency associated with blockchain company Ripple, is not responsive. all elements of the Howey Test, and therefore, may not be classified as a security.
The information was uncovered by John Deaton, a prominent legal commentator, who highlighted references to SEC emails in Ripple's objection footnote and response summary.
Deaton expressed confusion as to why the underlying meaning of these emails was not made clearer by Ripple's legal team. The emails, cited as Addendum 220, appear to argue that there are reasonable grounds to XEM that XRP does not meet all of the Howey factors, a test used to determine XEM certain transactions a certain translation qualifies as an investment contract.
It was an unexpected find for Deaton, who admitted he initially omitted details in the footnote despite XEM over thousands of pages of legal documents related to the case. It appears that important detail was omitted due to the location of the email quote regarding a sentence discussing analyzes submitted to the SEC by independent market participants.
The analysis concluded that XRP is not a security, drawing attention away from the email quote that followed. Deaton also raises the intriguing question of why Ripple's attorneys aren't digging into this information if it's a statement from a senior SEC employee.
He speculates that the quote may not be a direct statement from an SEC official, but rather an SEC official referencing someone else's analysis of XRP in an email with Hinman, a former SEC official. .
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According to U.today