New developments continue to occur for the Ripple case, which the crypto money world is watching with interest. In particular, the statements of Attorney John Deaton, representing XRP investors, drew attention. Here are the details…
New statement for the Ripple lawsuit: It may end on May 6
Attorney Deaton, SEC v. He said that the decision in the Ripple case will be made before May 6. Deaton says Judge Torres’ decision timeline is Ripple vs. He said the SEC summary decision showed it could arrive before May 6. As the crypto community continues to await summary judgment in the Ripple vs SEC case, in an interview with Thinking Crypto, attorney Deaton, who represents thousands of XRP holders in the case, predicts that Judge Torres’ decision could come on or before May 6.
The CryptoLaw founder speculated based on Judge Torres’ decision timeline from previous cases. Deaton noted that historically, Judge Torres’ summary judgment usually comes within two months of deciding on the Daubert standard move. According to the pro-XRP attorney, there are some instances where Judge Torres’ summary judgment came an hour after the Daubert motion decision.
Deaton said there was also a scenario where there was a one-month difference between their decisions on the Daubert motion and the summary judgment. The pro-XRP attorney adds that Judge Torres’ summary judgment was also delivered two months after deciding on Daubert’s request. Daubert is a rule of evidence in US law regarding the admissibility of expert testimony. Judge Torres’ Ripple vs. It’s worth noting that the SEC decided on the Daubert claim in the case on March 6. Based on this, Deaton estimates that Judge Torres’ summary judgment in the Ripple v. SEC case could arrive “somewhere around March 6 and May 6”. However, it does not rule out the possibility of a delay to June 1 or later.
Lawyer: SEC’s one claim is true
On the other hand, Bill Morgan, a pro-XRP attorney based in Australia, said that the US Securities and Exchange Commission (SEC) may be “right” in one of its claims against Ripple. In its summary judgment motion, the SEC alleges that many investors are buying XRP hoping to profit from Ripple’s efforts. Interestingly, the SEC’s expert acknowledged that Bitcoin and Ethereum gains accounted for 90 percent of XRP returns from mid-2018 to date. Despite the expert’s analysis, the SEC insists that XRP investors rely on Ripple’s efforts for earnings.
Morgan further argues that if the SEC expert’s analysis is correct, it means that Ripple is responsible for allowing BTC and ETH price movements to control the XRP price. “If the SEC expert is right, you would have to argue that Ripple somehow allows the XRP price to be controlled by the Bitcoin and Ethereum price movements to argue that Ripple controls the price as a central actor,” the lawyer said.
According to Morgan, the regulator correctly claims that investors can rely on Ripple’s efforts to generate profits. Investors do not rely on Ripple’s commercial efforts, but on the company’s legal efforts to win its lawsuit against the SEC to profit from XRP. “Paradoxically, the SEC may be right that investors trust Ripple’s efforts, but that is not because of Ripple’s commercial efforts or XRP sales, but rather its legal efforts that, if successful, beat the SEC’s case,” Morgan said.
Many lawyers express their opinions on the Ripple case
Morgan and Deaton aren’t the only XRP enthusiasts to comment on the SEC’s argument against Ripple. cryptocoin.com As we reported, pro-XRP lawyers like Jeremy Hogan also commented on the argument. Hogan and Deaton believe that the SEC’s reliance on the Howey test argument could cause it to lose the summary judgment against Ripple. The rationale behind the claim is that the SEC did not provide the relevant facts to support the argument. The SEC instead pointed out that Ripple sent flyers to 100 potential investors in 2014.
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