ICYMI: 'The truth is out for everyone to read,' said Ripple CEO Brad Garlinghouse after the 2012 legal memos were made public XRP $XRP XRPnews XRPArmy
The first memo was written in February 2012 and sent to Jed McCaleb and Jesse Powell, while the second was issued in October 2012 and sent to Chris Larsen and Jed McCaleb.
The first memo stated that if NewCoin is offered in what appears to be an ICO, it will most likely be classified as a security. Ripple altered its business plan and returned to Perkins Coie, prompting the second memo. The second memo, more positive than the previous, stated that there was a"small" risk that the SEC would disagree.
Perkins Coie, on the other hand, concluded that Ripple Credits should not be classified as securities. Ripple could take action to reduce the possibility of the SEC disagreeing with Perkins Coie, according to the document. James K. Filan argues, ''There is certainly nothing in these memos that suggests that Ripple was being reckless or ignored any substantial risks.'' Filan feels that the unsealing of the memos is, overall, favorable to Ripple and the individual defendants.
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