JAKARTA - In Ripple's ongoing lawsuit, Managing Partner at Deaton's law firm, John Deaton, issued a statement regarding SEC internal documents labeled Exhibit 220.
This document is related to the XRP crypto analysis sent to the SEC and states that the crypto asset does not meet Howey's test branches, which are used to determine whether a transaction is a US securities.
The distribution of this document went viral after a crypto fan, Steven Mizrahie, shared it on social media. Mizrahie commented that if this document was actually written by the SEC, it would be the end of the game for the SEC.
However, the former SEC attorney, Marc Fagel, stated that the SEC did not write the document and Ripple had clarified that the document was compiled by an unidentified third party. John Deaton also joined the conversation and supported Fagel's comments.
According to Deaton, SEC staff did not write the document, but rather a third party sent their analysis to the SEC. Deaton added that the document was written on June 13, 2018, the day before William Hinman declared Bitcoin and Ethereum non-securities.
This development has sparked a stir in Ripple's lawsuit, as this SEC internal document has the potential to influence the outcome of the case. However, it is still necessary to investigate further the origins and validity of the document in the ongoing legal process.
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