The mystery hidden behind the two sealed memos in the SEC vs Ripple Lawsuit has finally been revealed. These are the legal memos Ripple Labs Inc. received a decade ago about XRP tokens. However, the documents suggest that Ripple made efforts to avoid XRP from being considered as a security under the law.
The SEC has alleged that Ripple and its members have sold the virtual tokens without registering with the agency and have been profited about $600 million. The two memos from different dates include the advice received to the Ripple by Perkins Coie LLP over the nature of the coin.
Memo received in February 2012 from Perkins Coie LLP attorneys to Ripple advised the company not to sell the proposed token as various conditions may subject them to being regulated as securities or commodities by the commission.
While, the second memo received in October 2012, suggested that XRP may not be considered as a security under federal law.
Here are some main recommendations from the second memo:
Ripple General Counsel Stuart Alderoty has said in a statement that “The documents show a ‘compelling’ legal analysis that Ripple received in 2012 that XRP is not a security.” Meanwhile, former federal prosecutor James K Filan has termed revealing of the memos favorable to Ripple.
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