An Exciting Development in the Ripple vs. SEC Legal Battle
In an exciting development in the Ripple vs. SEC legal battle, attorney John Deaton has revealed evidence that casts doubt on the SEC’s “common enterprise” argument. Deaton, a respected lawyer known for his work in the crypto space, has been actively questioning the SEC’s case against Ripple.
- Attorney John Deaton has discovered Jaskaran Kambo, the creator of SpendTheBits (STB), a cryptocurrency payment app built on the XRP Ledger.
- SpendTheBits filed an amicus curiae brief to support Ripple in the lawsuit, weakening the SEC’s “common enterprise” argument.
- Deaton believes that the amicus briefs filed by SpendTheBits and TapJets will undermine the SEC’s argument because the developers didn’t receive financial or technical help from Ripple.
SEC’s Confusing Logic Exposed
Let’s dig deeper into the SEC’s contradictory claims. First, the SEC said that Ripple itself was a common enterprise, but Ripple’s lawyers proved that XRP holders didn’t make money just by holding the cryptocurrency, and the SEC dropped that argument. Next, the SEC changed its stance and argued that the entire XRP ecosystem should be considered a common enterprise. However, the judge threw out this argument when Ripple presented evidence from XRP holders.
- The SEC’s claims have been inconsistent and contradictory throughout the legal battle.
- Attorney John Deaton calls the SEC’s latest argument that XRP itself is the common enterprise a “schizophrenic defense.”
Hot Take: Ripple vs. SEC Legal Battle
This evidence shared by attorney John Deaton challenges the SEC’s case against Ripple. As the legal battle unfolds, the outcome will have a significant impact on Ripple, the XRP cryptocurrency, and the crypto industry as a whole. Stay tuned for more updates on this important lawsuit.
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