XRP Lawsuit: SEC Will Lose at Summary Judgement Due to Its Case Theory, Says Pro-Ripple Lawyer
Popular crypto lawyer John E. Deaton believes that Ripple will bag a win against the U.S. Securities and Exchange Commission even as the years-long securities legal battle draws closer to an end.
Speaking during an interview with Fox Business, Deaton noted that the SEC was highly likely to lose, stating its case against Ripple was filled with inconsistencies.
“I think the SEC is going to lose but that doesn’t mean Ripple’s going to get an outright win either. But I think the SEC is going to lose that summary judgment because of the theory that they went with,” Deaton said.
“Normally when you go after a promoter you say, well on this particular day you made an unregistered Securities offering or sell and that particular transaction was a security investment contract and now they’re saying that all sales of XRP-the token itself is a security and that’s the problem,” he added.
John Deaton, who is acting as the amici counsel for over 75,000 XRP holders in SEC v. Ripple case, further noted that in the unlikely event that Ripple loses, the judgement would have far-reaching effects on cryptocurrencies. According to him, a win by the SEC would also shake up crypto exchanges such as Coinbase and Binance as it could mean they all brokered Unregistered Securities.
Deaton’s comments come after District Judge Analisa Torres ruled on Daubert’s motions on March 7, excluding the testimony of an expert witness fronted by the SEC seeking to explain to the court why people bought XRP. Ripple had ten expert Witnesses while the SEC had five, with both sides calling for the exclusion of each other’s expert testimonies.
“The victory we got was there was an expert the SEC was offering who was going to testify as to what XRP holders thought in their head when they purchased XRP. Of course, he never interviewed one single xrp holder in his entire career and he received a three-million-dollar contract from the SEC to serve as a witness and so the judge excluded that part of this testimony that he’s not going to be allowed,” said Deaton.
Following the latest ruling, the lawyer expressed hope in the matter concluding soon, telling Fox Business Charles Gasparino that a summary judgement could arrive “any day now or in a couple of weeks.”
Meanwhile, Ripple’s “small win” earlier this week has helped uplift XRP, with a positive outlook on the lawsuit’s outcome helping to keep prices buoyed. In the past 24 hours, XRP has grown by over 4% and was trading at $0.39 at press time, according to CoinMarketCap data.
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