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HomeCrypto NewsMarketAfter Reading Ripple's Recent Motion, Attorney Deaton Thinks "SEC Will Not Be...

After Reading Ripple’s Recent Motion, Attorney Deaton Thinks “SEC Will Not Be Granted Judgment” 

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The top U.S. attorney comments on Ripple’s opposition to the SEC’s summary judgment motion. 

Following the filing of Ripple’s opposition to the SEC’s summary judgment motion, several cryptocurrency analysts have shared views on what they expect as a possible outcome in the lawsuit. 

One of the people who commented on Ripple’s opposition to the SEC is Attorney John Deaton, the founder of Crypto Law and the lawyer representing XRP holders in a suit against the securities regulators. 

Deaton said he does not think the SEC will be granted a judgment at all in the case based on what he read in the recently-filed opposition by the Silicon Valley blockchain company. 

“I haven’t read the SEC’s opposition to Ripple’s summary judgment because it’s not filed yet, but after reading Ripple’s and knowing what amicus will say, I don’t believe the SEC will be granted a Judgment at all,” Deaton said in a tweet. 

However, he thinks danger still lies ahead for Ripple, since “the Judge says a jury must decide facts.” 

XRP Holders Hopeful After Ripple’s Recent Motion

The crypto community, especially XRP holders, watches as events unfold in the lawsuit. For XRP holders, a victory for Ripple would see U.S.-based cryptocurrency exchanges add support for the coin on their respective trading platforms. Relisting XRP on a U.S.-based exchange would create an opportunity for many U.S. residents to purchase the cryptocurrency via crypto trading platforms in the country. 

Although things have not gone as many expected, Ripple gave XRP holders renewed hope after filing its opposition to SEC’s summary judgment motion. 

The blockchain company noted that the SEC’s summary judgment did not provide legal theory to back its claim that XRP is a security. Ripple added that the SEC’s argument did not also prove that XRP meets the essential elements of the Howey test, to qualify as an investment contract. 

 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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