Attorney and XRP supporter John Deaton believes new evidence will be revealed in the U.S. Security and Exchange Commission’s lawsuit against Ripple.
The SEC filed its lawsuit against Ripple Labs in late December 2020, declaring XRP a security and accusing the San Francisco payments company of selling the crypto asset without proper authorization.
Deaton represents 67,000 XRP holders in the lawsuit after U.S. 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 submit 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 judgment motions are out, followers of the case will likely encounter evidence that they have not previously seen or heard.
“When the Summary Judgment motions are public, we will see evidence we are currently unaware of, including testimony from Brad Garlinghouse, Chris Larsen, David Schwartz, and former Ripple employees. It includes testimony from Hinman and other SEC officials (i.e. 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 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 leagues of first-time investors, and the crash in SPACs (special purpose acquisition companies) you would think Gensler has too much on his plate to be messing with cryptocurrencies that have traded for over a decade. Yet, he calls crypto the ‘Wild West’ of investing because digital assets are known to finance illegal activity. But the vast majority of money laundering takes place using the greenback, and there’s lots of bad stuff happening on an unregulated internet.”
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