Attorney John Deaton has shed light on an internal 2018 SEC document called the “XRP Howey Memo” in the ongoing Ripple-SEC case. This memo did not definitively address the regulatory status of XRP or recommend enforcement actions against Ripple or its executives. The memo also highlighted the absence of XRP from a speech by former SEC chairman William Hinman on cryptocurrencies, leading to confusion regarding its regulatory standing. Deaton revealed notes from a private meeting with Hinman’s Special Counsel, which discussed Ripple’s regulatory status and its interactions with the SEC. Ripple’s CEO expressed dissatisfaction with the regulatory uncertainty compared to Ethereum. The insights from the “XRP Howey Memo” and meeting notes have added complexity to Ripple’s legal battle and have implications for the broader cryptocurrency industry.
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