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HomeCrypto NewsMarketAttorney John Deaton Files A Motion to Represent 67,000 XRP Investors in...

Attorney John Deaton Files A Motion to Represent 67,000 XRP Investors in Ripple v. SEC Lawsuit 

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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).

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:

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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