John E. Deaton, an attorney who has been closely monitoring Ripple's ongoing legal skirmish with the U.S. Securities and Exchange Commission (SEC), has raised intriguing questions about a 2018 internal memo by the SEC's enforcement lawyers
that a 2018 internal memo from enforcement lawyers did not recommend any action against Ripple for its sale of XRP tokens.
The memo itself remains undisclosed due to privilege, but its lack of recommendation implies that as of June 13, 2018, the enforcement lawyers atThis raises questions about whether Ripple executives could have known they were in potential violation of securities laws. Deaton's comment came after legal expert Bill Morgan weighed in on the issue as well, critiquing the SEC's position on the intrinsic value of digital assets like XRP.Morgan argues that the SEC seems intent on establishing that digital assets lack intrinsic value, setting them apart from commodities like gold.
The SEC, for its part, has been pushing back against the notion that cryptocurrencies are commodities, akin to gold or other physical assets.
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