Pro-XRP Attorney Challenges SEC's Allegations; Key Witnesses Sought in Ripple vs. SEC Battle
Summary:
In this article, Pro-XRP attorney John E. Deaton challenges the SEC's allegations against Ripple's CEO and argues that the agency disregarded crucial information from former SEC officials. The article also highlights the intention of Digital Asset Investor to summon key witnesses in the legal battle. It discusses the importance of obtaining testimony from Jay Clayton and Bill Hinman and the potential impact it could have on cryptocurrency adoption. Additionally, it mentions concerns about the XRP price and a significant transfer of funds to exchanges.
Pro-XRP attorney John E. Deaton argues that the United States Securities and Exchange Commission (SEC) made a mistake by accusing Ripple's CEO Brad Garlinghouse of aiding and abetting. Deaton highlights that former SEC officials Bill Hinman and Jay Clayton's testimonies in the SEC v. Ripple Labs case would have classified XRP as a non-security early on, but the SEC intentionally ignored this information for a long period.
Digital Asset Investor plans to summon a16z attorney Lowell Ness and Chris Dixon as key witnesses in the legal battle between Ripple and the SEC. Along with ex-SEC officials Jay Clayton and Bill Hinman, these individuals would have been called upon to provide testimony. Jay Clayton is known for the Ethereum Free Pass Speech, where executives were tasked with guiding the stance on this matter.
Deaton agrees that it is crucial for Hinman to testify. It is worth noting that it was not possible to legally summon a former SEC Chairman for the trial. Nevertheless, Deaton argues that the SEC made a mistake in charging CEO Brad Garlinghouse, especially considering Jay Clayton's tendency to file complaints against executives on a personal basis in non-fraudulent situations.
According to Deaton, Jay Clayton is an important witness who should testify in court. It is significant that Clayton had interactions with Ripple's CEO and CTO, during which Brad Garlinghouse expressed that "Ripple is living in purgatory" after the Hinman speech. However, neither Clayton nor Hinman explicitly stated that XRP was classified as a security.
Getting clarification from Clayton and Hinman could have prevented legal expenses, saved time, and strengthened the adoption of cryptocurrencies. Despite Judge Torres ruling that XRP is not a security, the SEC aims to reverse the situation.
As previously reported by Cointelegraph, there are concerns that the price of XRP may drop to $0.41 if there is no substantial accumulation around the support level of $0.50. In line with this, a significant whale transferred over $20 million worth of XRP to exchanges while the price continued to break its support levels.
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Published At
8/26/2023 10:22:44 AM
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