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Fox Business Journalist Says SEC legal Team Declared Ripple (XRP) Non-Security In 2018 So What Changed In 2 years?

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Eleanor Terrett, a Fox Business journalist, recently questioned the ongoing lawsuit between the SEC and Ripple.



Ripple Labs and US Securities and Exchange Commission (SEC) lawsuit started in DEC 2020. According to SEC, Ripple is a security, Where Ripple team says why SEC is specifically targeting Ripple, ignoring Ethereum created by an ICO and all other coins.

According to Terrett, the SEC legal team reviewed Ripple on June 13, 2018, the day before Hinman’s speech on Ethereum’s security status. It came with no recommendations to hold Ripple and its executives accountable for security.

This fact made her think about what could have led to a change in 2 years.

According to the Fox Business journalist, John Deaton, the founder of Crypto-Law.us, obtained the details. She vowed that the case would be examined later with another main Fox Business Journalist, Charles Gasparino.

Eleanor Terrett tweeted,

“On the latest ruling in the SEC vs. Ripple case: JohnEDeaton1 gave me his biggest takeaways and here’s what I find the most interesting: On June 13, 2018, the day before the Hinman speech, the SEC legal team reviewed whether XRP was security in a legal memo and did not.

Recommend bringing any enforcement action against Ripple or its executives. This shows SEC lawyers did NOT think it was unequivocal that XRP was a security. So what changed in two years?”

 

At the end of December 2020, the SEC, led by Jay Clayton, filed a lawsuit against Ripple and two of its top executives, Chris Larsen and Brad Garlinghouse.

The regulator said that Ripple had sold XRP to institutional investors for seven years as an unregistered security. The SEC also said the firm made more than $1.3 billion from unauthorized initial coin offering of the digital token.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

2 COMMENTS

  1. So obvious the conflicts of interest and blatant lies coming out of the SEC. Jay Clayton was warned by former Chair Joseph Grundfest that if he dropped this lawsuit it would cost millions of xrp holders billions of dollars, Clayton dropped it anyway and then walked out the door, quitting months early from his position. Hinman said in a deposition that he gave his personal opinion when saying we don’t look at ETH as a security in 2018. Hinman met with ETH and lawyers for ETHEREUM FOUNDATION to make the speech that he said was his opinion. This speech he says “WE” over and over again.

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