Since December 2020, the SEC has been suing Ripple for allegedly selling its XRP token as an unregistered security. Recently, each of the two parties filed a motion for summary judgment with the competent court. This request aims to end the legal battle without doing a full trial. But it seems the SEC’s request is missing a crucial element.
The SEC motion lacks an important element
John Deaton recently said the US SEC made a big mistake in its summary judgment request. The crypto lawyer, who is a supporter of XRP, revealed that the request does not mention any expert reference. The SEC therefore did not rely on any expert who said that XRP was issued as an unregistered security.
The SEC request does not contain any expert testimony showing that promises were made to convince XRP holders. There is therefore no evidence for the allegations that Ripple made promises and carried out inducements. This is to convince Ripple holders to buy XRP.
Deaton made these revelations about Twitter to inform his 214,000 followers. You should know that the lawyer represented more than 70,000 XRP holders in the legal case. Furthermore, he stated that the SEC does not attempt to demonstrate that the XRP Ledger is related to Ripple. Remember that the XRP Ledger is the XRP blockchain.
John Deaton made some interesting revelations regarding the lawsuit that has pitted the SEC against Ripple since 2020. He then said: “Many are wondering about a settlement in the Ripple case. Some take anything they consider unusual as a sign of settlement (like Saturday deposits). This is not the case. Sorry, but I don’t believe there will be a settlement in the next 2 months, if ever.»
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