The SEC itself may have had a hard time deciding whether XRP was a security back in 2018.
Three months later, Both Clayton and Hinman held a meeting with Ripple CEO Brad Garlinghouse and CTO David Schwartz asked why XRP had been left out of the speech. At the time, both ETH and XRP competed for the distinction of #2 largest crypto by market cap, but ETH pulled ahead after the speech was published.
Deaton said the meeting was related to XRP’s regulatory status, during which Garlinghouse “exhibited frustration over the lack of regulatory clarity for XRP.” The CEO said that his company was in “purgatory” due to the SEC’s vagueness on the matter.The lawyer said that Clayton was fairly dismissive in response, encouraging Ripple to “keep talking to the staff” about the issue.
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