Did the SEC Decide XRP’s Fate Before Public Hearings?

New documents released after a FOIA request by Coinbase shed light on internal SEC discussions about Ripple and XRP, revealing early concerns about Ripple’s influence on the token’s value and functionality. In 2021, SEC staff worried if the XRP Ledger could function independently from Ripple, which is crucial for determining whether an asset should be classified as a security under the Howey Test. If a token relies heavily on a single entity like Ripple, it suggests potential security classification. This point became central to the SEC’s internal analysis, highlighting their quiet work toward shaping the outcome well before court proceedings.