- Pro-XRP lawyer John Deaton challenges the SEC’s recent aiding and abetting allegations against Ripple’s CEO.
- Despite dwindling trading volumes, Ripple’s development activity witnesses an upward trajectory.
Legal Labyrinth: Ripple’s Continued SEC Tussles
Ripple’s courtroom dance with the U.S. Securities and Exchange Commission (SEC) shows no sign of abating, with the regulatory body recently slapping aiding and abetting allegations on Ripple’s CEO, Brad Garlinghouse. This move, however, is not without its critics.
Voices of Dissent Emerge
Prominent among the naysayers is John Deaton, a pro-Ripple attorney. Deaton contends that the SEC’s decision to file such charges might be a grave oversight. He underscores that earlier testimonies from Bill Hinman and Jay Clayton, both former SEC officials, within the Ripple vs. SEC scenario, could’ve positioned XRP as a non-security. Intriguingly, this perspective seems to have been side-stepped by the SEC for an elongated period.
A Twitter user, bearing the moniker Digital Asset Investor.XRP, propelled the discourse further by suggesting that the attorneys Lowell Ness and Chris Dixon from a16z, coupled with the aforesaid SEC veterans, be the vanguard witnesses in this unfolding legal drama.
#ETHGATE Witness Spotlight(New Feature)
If I'm @ripple @bgarlinghouse @chrislarsensf going to trial with the SEC two of the first witnesses I call besides Jay Clayton and Bill Hinman are Lowell Ness, at the time @a16z attorney and @cdixon who Jay Clayton apparently put in charge… pic.twitter.com/CbaNZ0CEes
— Digital Asset Investor.XRP (@digitalassetbuy) August 25, 2023
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Agreeing in part, Deaton perceives Hinman’s testimony as pivotal. Yet, he opines that beckoning a former SEC chairman for a trial might be a bridge too far. That said, Deaton is unequivocal in his belief that the decision to charge Garlinghouse was erroneous. He particularly points out Clayton’s propensity to target executives personally, devoid of fraud allegations.
The value of Clayton’s potential testimony cannot be undermined. His past dialogues with Ripple’s top brass, especially post-Hinman’s address, become essential. It’s noteworthy that neither Clayton nor Hinman conclusively designated XRP as a security. Had such clarity been bestowed earlier, the crypto realm might have been spared significant turbulence.
While Judge Analisa Torres has adjudged XRP as a non-security in particular instances, the SEC, in a twist, is striving for a reversal.
Ripple’s Current Standing
Amid this legal whirlwind, the silver lining for Ripple might be its burgeoning developmental endeavors. This crescendo in activity intimates forthcoming innovations and enhancements within the Ripple ecosystem.
However, the coin’s trading metrics tell a different story. As of now, XRP stands at $0.527, and its trading volume has tapered to 544.6 million. This dwindling enthusiasm mirrors in trader sentiments, with Coinglass’ analytics indicating a burgeoning bearish stance on XRP in recent times.
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