Prominent XRP proponent attorney John Deaton said the U.S. Securities and Exchange Commission (SEC) made a major mistake in its summary judgment filing in its recently filed lawsuit against Ripple Labs.
The SEC sued Ripple in December 2020, accusing the payments company of offering XRP as an unregistered security, and both parties have now filed for summary judgment, which seeks to end the court case without a full trial.
Deaton represents over 70,000 XRP holders in court cases, Tell His 214,000 Twitter followers said the SEC’s motion for summary judgment did not contain any citations from experts who believe XRP is behaving as a security by relying on Ripple’s efforts.
“What is, without a doubt, the most glaring omission in the SEC’s motion for summary judgment?
The SEC does not rely on a single expert!
There is no SEC expert testimony trying to prove a price correlation between Ripple’s efforts and the price of XRP.
There is no SEC expert testimony claiming that XRP holders relied on the expertise, skills, or management of the Ripple team, or that XRP holders were promised and seduced by Ripple prior to the acquisition of XRP. “
Deaton also stated that the SEC is not trying to argue that the XRP Ledger (XRP’s native blockchain) has anything to do with Ripple.
Some believe the documents suggest a settlement could be on the horizon, while other legal experts predict it could come sometime in November.However, Deaton has his doubts, and Say The documents don’t necessarily indicate that the lawsuit is coming to an end.
“Many people are asking about a settlement in the Ripple case. Some people take everything they think is unusual as a sign of a settlement (like Saturday’s filing). It’s not. Sorry, but I don’t believe in the next two months. A settlement, if any, will be reached within.”
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