The ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) has taken a new turn with the disclosure of a significant email from the SEC. According to the email, XRP does not meet the standards required by the Howey Test and hence should not be considered a security. This email has prompted John Deaton, a well-known cryptocurrency lawyer, to question why Ripple did not give more importance to this statement in their previous filings. However, it is not clear whether the statement is a direct quote from an SEC official or if it refers to someone else’s analysis of XRP mentioned in the emails with Bill Hinman, a former SEC official.
Bill Morgan, another lawyer in favor of cryptocurrencies, opines that the letter was likely sent by an SEC lawyer. The release of documents related to Bill Hinman’s public speech, expected on June 6, is eagerly awaited as it could lend further support to Ripple’s position. The email from the SEC has sparked considerable speculation and discussion within the Ripple vs SEC case and could influence the outcome of the legal proceedings. The future of Ripple and XRP hangs in the balance, and the community awaits the outcome with bated breath. It is imperative to note that this article was compiled by Coinbold and does not constitute legal or investment advice.