Crypto Lawyer Predicts Tidal Wave of Evidence in Ripple and XRP Suit When Summary Judgment Motion Is Released
Lawyer and XRP supporter John Deaton believes new evidence will be revealed in the US Security and Exchange Commission’s lawsuit against Ripple.
The SEC filed a lawsuit against Ripple Labs in late December 2020, declaring XRP a security and accusing the San Francisco-based payments company of selling cryptoassets without proper authorization.
Deaton represents 67,000 XRP holders in the lawsuit after US District Judge Analisa Torres granted the crypto investors “Amici Curiae” status last year.
“Amici Curiae” means “friend of the court,” according to Cornell Law School. Amici curiae can file documents known as amicus briefs on issues relevant to the case as long as the court approves the briefs in advance.
Deaton says once the summary judgments are out, supporters of the case will likely face evidence they have not previously seen or heard.
“Once the summary judgment motions are public, we will see evidence we are not currently aware of, including testimony from Brad Garlinghouse, Chris Larsen, David Schwartz and former Ripple employees. It includes testimony from Hinman and other SEC officials (ie Amy Starr, Valerie S, etc.).
I predict we also see why it was so important that XRP holders be heard. Will the SEC specifically argue that XRP – the token itself – is the embodiment of all the promises and efforts made by Ripple starting in 2012 and continuing today, and therefore all XRP are securities?”
Deaton also criticizes SEC Chairman Gary Gensler in a new opinion piece published on Fox Business.
“With meme stocks attracting legions of first-time investors, and crashes in SPACs (special purpose acquisition companies), you’d think Gensler has too much on his plate to mess with cryptocurrencies that have been trading for over a decade. Yet he calls crypto” “wild west” to invest because digital assets are known to finance illegal activity. But the vast majority of money laundering is done using dollars, and a lot of bad things happen on an unregulated internet.”
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Featured Image: Shutterstock/Mia Stendal
