The Ripple vs SEC case has been set ablaze with the emergence of a crucial mail from the Securities and Exchange Commission (SEC) expressing its opinion that there are no reasonable grounds to consider XRP security since it does not meet the criteria set by the Howey Test.
The revelation of this mail has caught the attention of John Deaton, a prominent crypto attorney and staunch advocate for XRP. Deaton has raised an important question regarding why Ripple’s legal team did not emphasize the implications of this communication in their prior filings.
In his tweet, he pointed out that, why the community is making a fuss about the mail, it is unclear if the statement was made by a senior SEC staff member or some other entity. Deaton further points out that Ripple might have refrained from presenting the mail as evidence in the legal proceeding as there wasn’t a direct statement from the SEC in it.
Offering a perspective, Bill Morgan, another pro-crypto lawyer, suggested that the letter was likely sent by an SEC lawyer.
These viewpoints remain speculative for now, but many are hopeful that the mail by SEC will help XRP’s case. Another much-awaited aspect that might put Ripple in the green is the documents related to SEC’s former director Bill Hinman’s speech going public on the 6th of June.
