Attorney John Deaton unveiled insights about the legal aspects and history of XRP in the context of Coinbase's recent announcement regarding futures on the asset.
Coinbase’s Legal Due Diligence in 2019
Deaton provided extensive insights into how Coinbase approached the SEC in January 2019, informing them that XRP was not a security. This decision was based on the company's internal analysis, as outlined by Deaton, who emphasized that Coinbase’s in-house legal team conducted a thorough legal review related to XRP sales.
The XRP Howey Memo and SEC Inaction
Deaton highlighted the significance of the SEC's internal document known as the 'XRP Howey Analysis Memo,' which did not recommend enforcement action against XRP. He noted that Coinbase had made it clear to the SEC about its intentions to list XRP and received no objections from the agency.
XRP Futures Under CFTC Oversight
With Coinbase now pursuing a regulated XRP futures product under the CFTC, Deaton considered this a culmination of years of efforts to establish legal clarity for XRP. He emphasized the significance of this move in the context of ongoing regulatory changes and the status of XRP in the market.
The development of XRP futures under CFTC oversight marks a crucial step in the evolving regulatory narrative surrounding XRP and signifies a significant transformation in its market status.
