Mystery behind the sealed memos? SEC vs Ripple lawsuit is picking up heat and next few moves may decide the fate of the XRP token. One such move was Judge Analisa’s ruling last week to unseal and release two memos termed as a piece of key evidence in the case. The deadline to unseal the memos publicly is February 17th, 2022.
What’s Behind the Sealed Memos?
Here is what both parties think about the ruling to unseal memos:
- As reported by reuters, SEC believes the documents show that Ripple and Christian Larsen were well aware of the risk if XRP token would be deemed a security under federal law. Ripple and the government have presented completely different accounts of what Ripple’s outside counsel has said in those two memos.
- On the other hand, Ripple and Larsen say that regulators are mischaracterizing the memos. They said the documents show that Ripple’s lawyers ultimately concluded its tokens were not securities.
However, the mystery shall be solved on or before Feb. 17th as Judge Torres recently announced to unseal and release two memos publicly.
Reportedly, Ripple and Larsen were resistant to this ruling. They even argued in letter motions to Torres that the memos should remain under seal. The public release of these memos is also considered as a critical test of the SEC’s ability to regulate cryptocurrency offerings.
Crypto vs XRP; Are Rules different for Ripple?
Ripple CEO Brad Garlinghouse had already alleged that Ethereum was given a regulatory green light that enabled it to surpass the XRP token. The SEC has been pursuing Ripple over claims that XRP is an investment contract and thus a security under the Howey Test.
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John E Deaton, the attorney for the XRP Holders in the case, took to Twitter to share his view over SEC’s claims against XRP. In his opinion, while other private entities are using XRP token for enabling crypto transactions, why only Ripple is being targeted?
👇 is the best example I’ve come across to demonstrate the absurdity of the SEC’s claims against #XRP. @Spend_The_Bits can move 100 #BTC for a cost of .00005 #XRP. According to the SEC, the #BTC isn’t a security but the .00005 #XRP used to move the #BTC is a security. 🤦 https://t.co/u2boacoMGC
— John E Deaton (@JohnEDeaton1) February 8, 2022
He believes SECs investigation is biased and that rules are not same for Ripple and crypto. Do you agree with John’s views?
SEC Chair Refuses Questions Over XRP Token’s Security Status
Recently, in an interview SEC chairman Gary Gensler refused comment on the most important aspect of Ripple lawsuit,
Why XRP is a security while ETH is not?
The peevish look from @GaryGensler is because tens of thousands of retail #XRPholders refuse to stop getting in his face with the questions his @SECGov refuses to answer. And we’ve only just begun 👇🏻 pic.twitter.com/rZ8r7CkLi2
— CryptoLaw (@CryptoLawUS) February 15, 2022
As reported by CoinGape quote,
In June 2018, William Hinman, former director of SEC, publicly said that the commission would not be treating Ether or Bitcoin as securities. As per reports, Ethereum Foundation bagged funds of over $60 million by selling ETH coins.
Crypto experts believe Feb 17th revelations may finally uncover hidden facts in Ripple lawsuit.
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