The attorney again lambasts the SEC for its claims about XRP.
Attorney John E. Deaton has asserted that the Bitcoin payments app based on the XRP Ledger, SpendTheBits, represents all that is wrong with the US Securities and Exchange Commission’s case against Ripple.
The attorney made this known in a Twitter thread on Sunday. It came in response to a report by The Crypto Basic that hinted at a SpendTheBits expansion to El Salvador.
During this ?, I share the interview I did w/@Jay_SpendDBits well over a year ago when I was researching the #XRPLedger and independent developers who have no connection to @Ripple or its executives.@Spend_The_Bits is a PERFECT example of what’s wrong w/the SEC lawsuit. https://t.co/0t7vZRt4T8
— John E Deaton (@JohnEDeaton1) January 29, 2023
According to Deaton, if he had to pick only one amicus brief for Judge Analisa Torres to read, it would be the SpendTheBits brief. The lawyer asserts that it may be the best at exposing the flaws in the SEC’s claims about XRP.
As elaborated by Deaton in the lengthy thread, as opposed to the SEC claim that XRP and the XRPL have no utility outside the efforts of Ripple, SpendTheBits founder Jaskaran Kambo started the payments app with no knowledge of or support from Ripple. The lawyer discloses that Kambo intimated that the payments app is a smaller alternative to Ripple’s On-Demand Liquidity (ODL) service, making it a potential Ripple competitor.
Consequently, the attorney bashes the SEC’s claims that XRP, no matter where it is used, how it is used, the solutions developed with it, and the persons who develop these solutions, will remain an investment in Ripple’s “common enterprise.” Deaton describes the SEC claims as “mind-boggling” and “outrageous.”
He disclosed that it has become necessary to enlighten lawmakers on the fact that while a token can be packaged as an investment contract just like any other thing, that does not make the token a security, again citing the Howey case.
It is worth noting that, as reported, the over two-year-long legal battle is now awaiting the judge’s decision, as everything has been briefed. Today, Deaton, who represents thousands of XRP holders as a friend of the court, indicated that the judge could deny both summary judgment motions and send the case to a jury trial.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
