Ripple vs. SEC: Attorney Deaton Reveals Details of His Upcoming Amicus Curiae Brief.
Deaton says his brief will prove that Coinbase and CNBC promoted XRP adoption more than Ripple ever did.
Attorney John Deaton, Crypto Law founder, has revealed that he will officially file an amicus curiae brief today to support Ripple’s case against the SEC. The Crypto Law founder made this known in a recent tweet moments after Judge Analisa Torres approved his motion to file an amicus brief on behalf of XRP holders.
With attorney Deaton’s brief scheduled to be filed later today, he shared some important details that the XRP community should expect in the upcoming amicus brief.
“Tomorrow I file XRPHolders amicus brief with my declaration. I encourage you to review it, including the Exhibits. You will see how CNBC arguably encouraged people how to buy XRP more than @Ripple, or how @coinbase arguably promoted XRP more than Ripple,” attorney Deaton noted.
Furthermore, the brief also highlights the SEC’s inability to prove that XRP holders are in a common enterprise with Ripple.
and how, under the law of the 2nd Circuit, the SEC failed miserably to demonstrate that #XRPHolders are in a common enterprise with @Ripple and all other #XRPHolders. I use the Celsius bankruptcy as an example that destroys horizontal commonality under 2nd Circuit precedent.
— John E Deaton (@JohnEDeaton1) November 14, 2022
Court Grants 11 Motions to File Amicus Briefs
Deaton’s comment comes hours after U.S. District Judge Torres approved 11 motions filed by non-parties to file amicus briefs in the Ripple vs. SEC lawsuit. Interestingly, attorney Deaton’s request to file an amicus brief on behalf of XRP holders is among the motions granted by the presiding Judge of the Ripple vs. SEC case.
The entities whose motions were granted yesterday have until November 18 to officially file briefs. San Francisco-based exchange Coinbase has filed its amicus brief supporting Ripple’s fair notice defense. As reported by TheCryptoBasic, 16 entities requested to file amicus briefs in the Ripple lawsuit, and Judge Torres granted the motions.
Of the 16 companies that indicated an interest in filing amicus briefs, 13 favor Ripple, including I-Remit, TapJets, Investor Choice Advocates Network (ICAN), SpendTheBits, Blockchain Association, Attorney John Deaton on behalf of XRP holders, Paradigm Operations, Coinbase, etc.
Two entities, the New Sports Economy Institute (NSEI) and InvestReady, are backing the SEC with amicus briefs. However, one of the entities, the Chamber of Digital Commerce, has chosen to be neutral in the suit.
XRP Surge In Market and Social Activities
With Ripple having the most support from non-parties in its case against the SEC, XRP recorded a resounding increase in social and market activities.
According to leading cryptocurrency data provider LunarCrush, Ripple’s social mentions surged 151.3% today, while its social engagement increased 69.86%.
— LunarCrush (@LunarCrush) November 15, 2022
Crypto whales were also seen moving huge amounts of XRP earlier today. Over the past 24 hours, high net-worth cryptocurrency investors moved 259.4M XRP coins in six different transactions.
The large movements of XRP are believed to be linked with Judge Torres’ decision to grant 11 separate motions by non-parties to file amicus curiae briefs in the Ripple lawsuit.
It is noteworthy that XRP is currently the top-performing crypto asset in the top 20 rankings. Earlier today, the crypto asset surged 16% to change hands at around $0.3784. In the hours leading up to press time, XRP is trading at $0.3982, according to data on Coingecko.