"It's already clear that XRP is not a security, why does the SEC want to cancel it?"
Following the United States (US) District Court still unable to decide whether Ripple (XRP) can be considered a security, lawyer John Deaton has made a major claim regarding the nature of the digital asset through the submission of the Securities and Exchange Commission (SEC) staff.
According to Deaton after revealing the footnote*, there are reasonable grounds to conclude that XRP does not meet all the elements of the Howey Analysis, therefore the digital asset cannot be defined as a security.
*additional information printed at the bottom of the page
The string, XRP should not be subject to regulatory oversight by the US SEC following Exhibit 230 also states that the digital asset will not be considered a security.
Explained here, the statement is from the SEC email but the question is why the regulator still claims XRP even though its staff has analyzed that the digital asset is not a security.
In recent developments, the court's rejection of the SEC's motion to seal documents and emails related to the Hinman Speech will soon make the memo public.
It is worth noting that the disclosure of the memo is important for the crypto market in knowing why former US SEC Director of Corporate Finance, Bill Hinman said Ethereum (ETH) is not a security.
After breaking through $0.47, XRP price is now down 2.52% at $0.45 in the last 24 hours with a market cap of $23 billion but still posted a 6.74% surge over the last week.
