The popular attorney is requesting the court’s approval to represent over 67,000 XRP investors affected by the Ripple v. SEC lawsuit.
Attorney John Deaton, one of the most outspoken lawyers in the Ripple v. SEC lawsuit, is seeking to be granted amici status that will enable him to represent 67,300 XRP holders in the ongoing legal battle.
According to a recent motion, attorney Deaton is requesting permission from Judge Sarah Netburn to get the necessary approval to file a brief on behalf of the 67,000 XRP investors.
As part of the brief, the outspoken attorney plans to respond to a report from one of SEC’s experts, Patrick B. Doody, who claims to know what motivated XRP investors into purchasing the asset class during the 2013 Initial Coin Offering (ICO).
#XRPCommunity #SECGov v. #Ripple #XRP Amici request permission to file brief regarding SEC expert who claims to know motivation of XRP holders when purchasing XRP. Amici also seek access to expert’s report and deposition testimony. https://t.co/Vw8LwUuLYN
— James K. Filan 🇺🇸🇮🇪96k+ (beware of imposters) (@FilanLaw) May 22, 2022
Attorney Deaton Slams SEC’s Expert
Prior to the recent motion, attorney Deaton and other cryptocurrency and legal experts had slammed Doody’s testimony, saying the SEC’s expert never engaged any XRP investor in a conversation before arriving at the conclusion he gave in court.
Attorney Deaton argued that if Doody spoke with XRP investors as he claimed, he would know that the ongoing lawsuit is affecting the asset class’s price, which has continued to plunge holders into serious losses.
XRP’s Massive Dip Since Lawsuit
Recall that before talks of Ripple breaching the United States securities laws, XRP traded at an all-time high of nearly $4.
However, with the SEC suggesting that Ripple may have breached its laws through its 2013 ICO, the cryptocurrency’s value began to dip to below $0.4 earlier this month.
At the time of writing, XRP is changing hands around $0.428 across major exchanges, according to data on Coingecko.
Commenting on the development, attorney Jeremy Hogan said:
“John Deaton is marching into Court! The SEC wants an “expert” witness to give testimony about what XRP holders were thinking when they bought XRP. Deaton represents 67k ACTUAL XRP HOLDERS and wants to present what they were ACTUALLY thinking. SO of course, the SEC opposes it,” adding:
Deaton wants to file a brief in re a "Daubert" motion related to an Expert hired by the SEC to discuss the motives of XRP purchasers.
This means that Ripple is trying to strike the witness altogether because his opinion has no "reasonable scientific basis."
— Jeremy Hogan (@attorneyjeremy1) May 22, 2022