A vague footnote in an opposition brief in Ripple’s case from 2022 could very well play a role in the battle between the SEC and Ripple, according to pro-XRP lawyer John Deaton.
The lawyer recently took to Twitter on 22nd May, where he explained that the short footnote in a legal document of the company that he had recently noticed confirmed that the company was discussed between the staff of the United States Securities and Exchange Commission before the Hinman speech.
This was quite significant, as the internal debates between the officials of the SEC over whether XRP was a security could tip the scales of the ongoing lawsuit between the SEC and Ripple. The SEC had initially taken legal action against the company in December 2020, wherein they had alleged that the sale of its XRP token did represent an unregistered offering of securities. The company has already denied that XRP is a security, and has also argued that it didn’t satisfy the Howey test, which was used to assess if a transaction met the criteria of any security.
XRP Had Been Discussed In The SEC, According to A Vague Footnote
In a Twitter Spaces organized on 22nd May by Eleanor Terett, a journalist from Fox Business, the ex-lawyer argued that this reflected that the security had been discussed because somebody at the regulators had cited this person confirming that it was not a security, or they had forwarded the email within the email chain.
While Deaton went on to note that the SEC had not commented on the record if XRP had ever been discussed internally, he did reiterate that back in June of 2018, XRP was the third largest crypto asset, just behind the behemoths Bitcoin and Ether.