Crypto Lawyer John Deaton Praises XRP Holders For Effort During Ripple Lawsuit – Find Out What He Said
John Deaton, crypto attorney and founder of legal and regulatory digital asset news company CryptoLaw, has praised XRP holders for their support in the ongoing Ripple lawsuit.
In a Saturday tweet, Deaton mentioned that 3,000 XRP holders’ declarations had been submitted by Ripple. He said this would make a huge difference as it would be a massive exhibition with hundreds of thousands of pages.
“Exhibit 167 is divided into 26 parts. Although sealed, it has been filed as ECF 655-1-26. When you have a massive exhibit with hundreds of thousands of pages, the system cannot handle them all as one exhibit and must be broken up. It appears that 3K XRP Holder Declarations were submitted by Ripple,” he so in a tweet.
In response to the US Securities and Exchange Commission’s motion for summary judgment, Deaton said hundreds of exhibits had been filed as Ripple and individual defendants filed memoranda of law over the past week.
He added that as of now there are 440 exhibits filed under seal. “Feel proud. Your voices are heard. And they call it: Decentralized justice.”
Monday, October 24 would be a big “reveal” as both Ripple and the SEC are expected to file publicly redacted versions of the opposition’s briefs. Deaton said the public would be able to read “limited redacted versions of the opposition,” but not the 56.1 statements, rebuttals, exhibits, testimony and more until next year.
Ripple CEO expresses ‘outrage’ at SEC for years
In mid-October, Ripple Labs CEO Brad Garlinghouse expressed his “outrage” at the SEC over the year-long lawsuit against Ripple. The regulatory agency filed a lawsuit against Ripple and its executives in December 2020, alleging that the sale of XRP constituted an offering of unregistered securities worth over $1.38 billion.
However, Garlinghouse has argued that the SEC’s lawsuit was a show of force rather than a legitimate attempt to enforce the law.
“My resentment has grown as the trial has unfolded,” he said. “There is no recourse, there is no consequence for those who brought this lawsuit. The SEC’s pursuit of a political goal is not about ‘a faithful adherence to the law’. It is about power.”
Garlinghouse also noted that there would be no “consideration” for those affected by SCE’s actions, drawing attention to the agency’s apparent lack of concern for individuals and companies that have been hurt by its heavy-handed approach.
