A memo from the Securities and Exchange Commission (SEC) from five years ago suggests that the agency faced internal struggles in determining whether XRP was a security, according to crypto lawyer John Deaton. The memo may indicate that Ripple, the company behind XRP, was not legally irresponsible in issuing the token as alleged by the SEC. The memo was discussed during a private meeting between SEC officials and Ripple CEO Brad Garlinghouse and CTO David Schwartz. The meeting involved frustration over the lack of regulatory clarity for XRP. The lawyer argues that if the SEC had difficulty concluding XRP was a security in 2018, it is questionable for Ripple executives to be accused of knowing XRP was being sold as a security in 2013-2015.

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