Ripple has suggested that two 2012 legal memos that are set to be unsealed will bolster the company’s argument that XRP is not an unregistered security and subsequently exonerate defendants in the landmark crypto case.
Ripple’s courtroom showdown with the United States States Securities and Exchange Commission has picked up pace in recent weeks, with some suggesting this could herald the resolution of the case.
One of the key defenses by Ripple is simply that it was not aware that XRP could be classified as a security. Back in 2012, Ripple co-founder and executive chairman Chris Larsen pursued legal advice regarding the XRP cryptocurrency just before the company launched it. Larsen received two memos from unidentified lawyers who concluded XRP sales would not constitute a securities offering.