New episode in the XRP crypto lawsuit – The Cryptonomist
Lawyers for the US Securities and Exchange Commission (SEC) are asking Judge Torres to do so ban Ripple’s lawyer, John Deatoninfinitely XRP crypto lawsuit. Here’s what happened.
The new episode in the XRP crypto lawsuit: SEC lawyers vs John Deaton
Apparently, the never-ending crypto lawsuit over XRP is now seeing one new episode of its own. SEC lawyers are asking Judge Torres to disbar Ripple’s lawyer, John Deaton.
It is worth noting that the SEC lawyers tried to get Judge Torres to disqualify @JohnEDeaton1 from participating in the case in part because he provided the name of their expert witness.
Not only did she not forbid him, she agreed with him that Doody should not testify about #XRP holders.
— Eleanor Terrett (@EleanorTerrett) March 7, 2023
Essentially, SEC lawyers would take action to strike out at Ripple’s strong supporters, such as lawyer John Deatonwhich has given the community various clarifications about the lawsuit since its inception.
Not only that, Deaton also filed several amicus briefs as a friend of the court, becomes a real threat to the SEC. Lawyers for the regulator urged Judge Torres to deny Deaton the case, in part because he disclosed the name of their expert.
On the other hand, the judge not just did not accommodate the requestbut also agreed that the commission’s expert should not testify about XRP holders.
The crypto lawsuit over XRP and Deaton’s comments on Twitter
Of course, one of Ripple’s leading backers wasted no time and shared it on Twitter.
Some people were like wtf is going on with this crazy ass movement to intervene. Many other people, especially lawyers, thought I was crazy for filing such an unusual and unlikely case. I don’t blame them for thinking it was an unprecedented move.
— John E Deaton (@JohnEDeaton1) March 5, 2023
In his summary of tweets, Deaton explains that he submitted an unusual and unlikely motion to intervenewho were joined by as many as 12,600 XRP holders. These HODLers would have joined the lawsuit at pretends to be the actual defendant.
For Deaton, this was extraordinary symbolism that “said a lot” about the public interest of the case. And indeed, the lawyer points out how the SEC has waged a war not only against XRP, but also against the entire crypto industry.
The subject of this lawsuit is the symbol which is still called a security, regardless of the seller, or the circumstances surrounding the sale. In that regard, here is Deaton’s proposed solution:
“We have to think outside the box and organize ourselves. For example, all companies in active litigation with the SEC, or in the process of becoming, should meet, share ideas, and develop coordinated strategies. It is a war. I’m happy to help. Maybe I can replace @elonmusk as the SEC’s most hated.”
Ripple CEO Interview, “Cryptocurrency Industry Moves Outside US”
Recently, Brad GarlinghouseCEO of Ripple, reportedly gave an interview in which he said that the crypto industry is already on its way out of the US.
.@KaileyLeinz asked “If the US doesn’t get its act together… all this [crypto] going offshore?”
Me: “It already is.”
I’ve said it before, and I’ll say it again – crypto offshoring is not good for American innovation. Period, period.
— Brad Garlinghouse (@bgarlinghouse) March 2, 2023
Garlinghouse suggested that the US regulatory approach drives all crypto and blockchain innovation out of the country. Of course, the main reason can only be attributed to the SEC, making the US an increasingly unattractive place for the cryptocurrency industry.
In this regard, Garlinghouse said that the crypto sector is already starting to move out of the United States, to countries such as Australia, Great Britain, Japan, Singapore and Switzerland. In fact, the Ripple CEO said that these countries have decided to introduce clear and transparent rules for the entire industry.
XRP’s survey: “97% of payment companies believe in the power of crypto”
Recently, Ripple (XRP) done A survey who showed it 97% of payment companies believe in the power of cryptocurrencies.
This survey also showed that while there is confidence in the development of the crypto sectorit is a lack of regulatory clarity which becomes a major obstacle.
Going forward with the survey results, more than 50% of the polled payment managers believe that most merchants will accept crypto payments within 1 to 3 years.
Not only that, 27% of leaders in the Middle East and Africa said most merchants will be crypto-friendly by 2024.
