According to the judge's decision, Ripple unveiled legal advice documents that it had requested by law firm Perkins Coie LLP. Ripple former chief executive Chris Larsen applied to the law firm, which delivered two memos in February and October 2012.
In February, Perkins Coie recommended Ripple not to sell coins as they may become subject to regulations as securities or commodities. The company then revised its business plan and applied for legal analysis and recommendations again. In October, Perkins Coie delivered the new document, which was more positive. The law firm concluded that the new tokens shouldn't be considered securities, adding that there was a small risk that the SEC might view things differently.
The firm recommended steps for Ripple to minimize risks.
Trending: Dubai World Trade Center To Become a Crypto Hub and Regulator
Sharing the news, defense lawyer James Filan concluded that the memos are overall favorable for Ripple. The CEO of Ripple, Brad Garlinghouse wrote while the truth is out for everyone to read, the question remains why the SEC waited 8 years to decide that they disagree with the recommendations.