Wednesday, September 28, 2022
HomeAltcoinsSEC objects to Ripple (XRP) holders and attorney John Deaton aiding Ripples...

SEC objects to Ripple (XRP) holders and attorney John Deaton aiding Ripples defense

As the SEC vs Ripple case continues, the SEC now objects to “friends of the court” who support Ripple providing any legal aid to Ripple (XRP)s defense.

The objection was submitted on July 19th by the SEC opposing the courts previous decision to allow 1,746 XRP investors as “amici curiae” including attorney John E. Deaton. The Securities and Exchange Commission (SEC) wants to block these XRP holders and John Deaton from assisting or aiding Ripple’s defense in the case.

Amici curiae is defined as “friend of the court” or an individual or organization not a party to a legal case but is permitted to assist a court by providing information, expertise, or insights.  In this example, it would be in Ripple’s defense. John Deaton is an attorney defending XRP holders during the case. Deaton has been a vocal advocate for the crypto space and a critic of the SEC vs Ripple case online. He has 3,252 affidavits signed by XRP holders essentially declaring them as victims of the SEC’s attack on Ripple and the loss of profits caused by the case.

Ripple, XRP, Ripple XRP, SEC, Crypto, Cryptocurrency
Ripple (XRP)

XRP holders claim in the affidavits that they did not buy the token based on the companies promises, or not for an investment but for use case purposes. The SEC claims the holders ae operating outside of legal issues and stated “Movants do not propose briefing on legal issues. Instead, they wish to present arguments based on 3,252 affidavits “attesting” to certain facts.” The SEC also alleges that Deaton made threats towards SEC chairman Jay Clayton and that this should remove him from amicus. XRP holders and Deaton must reply by July 25th to the objection.

Deaton argues that the SEC has not been consistent with the law in regards to its targeted attack on Ripple and its CEO Brad Garlinghouse. He recently tweeted:

Crypto Enthusiasts and investors continue to follow this case as the outcome may have wider implications for the entire crypto space.

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