Crucial discovery in SEC vs. Ripple case: ‘XRP is not a security’

Noted pro-XRP attorney, John Deaton, recently shared a crucial finding from a Ripple document that could potentially influence the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple. He discovered that XRP was a topic of discussion among SEC officials even before the infamous Hinman speech took place.

Notable footnote

A noteworthy footnote in a Ripple legal counter-letter published last year suggests, according to Deaton, that the battle between Ripple and the SEC may be about to take a turn for the worse.

On May 22, Deaton revealed via Twitter that he had discovered a glaring footnote in one of Ripple’s legal documents. This footnote confirms that SEC staff did indeed discuss XRP, even before the Hinman speech was given.

This discovery could be decisive for the case. Internal dialogues from SEC officials over whether XRP should be classified as a security could be a deciding factor in the legal battle between SEC and Ripple.

According to Deaton, the said footnote comes from a third party outside the SEC.

‘XRP no security’

At a Twitter Spaces event on May 22, moderated by Eleanor Terrett, a renowned Fox Business journalist, attorney John Deaton made a vital point about XRP discussions within the SEC. He pointed to a compelling piece of evidence—a quote from someone inside the SEC—that XRP is not a security. This discovery underscores Deaton’s claim that conversations about XRP did take place within the organization.

I am 95% sure that the statement and arguments come from someone other than an SEC official. This remains big news. This proves what we all suspected.

– Deathon

Deaton noted that the SEC has not made any official statements about internal discussions surrounding XRP. However, he re-emphasized that in June 2018, XRP was the third largest cryptocurrency after Bitcoin and Ethereum.

According to Deaton, it appears that some people at the SEC may have believed that XRP should not be treated any differently than Bitcoin and Ethereum. In Hinman’s speech, it was stated that Bitcoin and Ethereum were not securities.

Someone reported that market participants did not believe that XRP should be considered a security. Everything indicates that XRP has indeed been discussed.

– Deathon

Deaton last noted that June 13 could be an important day. Indeed, on June 13, we will find out to what extent the above points will affect the case.

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