The court has unsealed the two legal memos by Perkins Coie LLP, as requested by Ripple and Chris Larsen. ̃
The documents were both sent to Ripple in 2012, with one regarding NewCoin (February 18, 2012) and the other about Ripple Network/OpenCoin (October 19, 2012).
The unsealing follows a letter filed by Chris Larsen and Ripple proposing the documents to be released to the general public.
“Mr. Larsen believes that, if any part of the Legal Memos is unsealed, then both documents should be unsealed in their entirety so that the public can review the SEC’s characterizations of those documents in their full context.”
That letter also included Exhibit E, which mentions one piece of advice offered by law firm Perkins Coie LLP: that investors and employees should not receive XRP as it could risk SEC designation of a security.
The evidence suggests that Ripple executives made efforts to keep XRP from being considered a security by the Securities and Exchange Commission.
