XRP Lawyer Argues Against SEC Charges
XRP lawyer John E. Deaton believes that the U.S. Securities and Exchange Commission (SEC) made a mistake by bringing aiding and abetting charges against Ripple CEO Brad Garlinghouse. Former SEC officials Bill Hinman and Jay Clayton would have classified XRP as a non-security early on in the proceedings, but the SEC purposely denied it for years.
Key Points:
- Deaton argues that the SEC should have allowed Hinman and Clayton to testify, as their insight into SEC thinking around crypto securities would be valuable.
- He believes that the SEC made a mistake by charging Garlinghouse and that Clayton should testify as a significant witness.
- Clayton had met with Ripple’s CEO and CTO, but did not respond to their statement that XRP was not a security.
- A clarification from Clayton and Hinman could have saved time, money, and promoted crypto adoption.
- Despite a ruling that XRP is not a security, the SEC is seeking to overturn it.
XRP Price Rebounds From Support
XRP’s price has rebounded after facing potential support level breaks. The price jumped 2% in the last 24 hours, currently trading at $0.52. However, trading volume has decreased.
Key Points:
- XRP’s price risked falling to $0.42 if whales and traders did not accumulate from the $0.50 support level.
- A whale transferred more than $20 million in XRP to exchanges during this time.
- The 24-hour low and high for XRP’s price are $0.508 and $0.529, respectively.
Hot Take
The testimony of former SEC officials Hinman and Clayton would have provided valuable insight into the SEC’s handling of XRP. It is clear that there were mistakes made in charging Garlinghouse and delaying the classification of XRP as a non-security. The SEC’s actions have caused unnecessary litigation costs and hindered crypto adoption. XRP’s price rebound is a positive sign, but it remains to be seen how the SEC’s attempts to overturn the ruling will impact the cryptocurrency’s future.
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