"Pro-XRP Lawyer Confirms SEC Emails Expose Dramatic Turn in Ripple Lawsuit"
Attorney John Deaton, representing XRP holders in the Ripple lawsuit, has highlighted a footnote in Ripple’s opposition and reply briefs submitted to the court, suggesting that there are “reasonable grounds” to conclude that XRP does not satisfy all elements of the Howey Analysis and may not be considered a security under federal securities law. The outcome of the Ripple lawsuit will have significant implications for the cryptocurrency industry. If XRP is deemed a security, it could subject Ripple to significant fines and penalties for not registering with the SEC. Ripple’s CLO also cited the SEC’s 1976 ruling on lithographs and their classification as securities as a legal defense.