Here’s What SEC Missing In Summary Judgement, XRP Lawyer Explains
John Deaton, Amicus curiae in the US SEC vs XRP lawsuit, and Eleanor Terrett, Fox Business Journalist discussed a motion for Summary Judgment. The XRP lawyer came out with some crucial revelations regarding Ripple’s native token.
XRP lawyer makes big revelation
Deaton who will be presenting XRP holders in the case took to Twitter to summarize the vital motions. He mentioned that the biggest thing missing from the SEC’s motion is that they are not relying on a single expert.
As per XRP lawyer, there is no SEC expert testimony being given that attempts to prove price correlation. It does not reflect the efforts put in by Ripple and the price of XRP. While there is no testimony that claims the token holders were dependent on skills or conduct of the Ripple team.
SEC didn’t mention that XRP holders were led by promises made by the Ripple and team before buying them. XRP lawyer went on to claim that there is no expert commentary that states that the XRP ledger network is controlled or managed by Ripple.
How this can help Ripple ahead?
Earlier, Coingape reported that the XRP lawyer revealed the submitted documents suggest that the XRP ecosystem can be at risk. The SEC has made some major claims of Ripple and XRP being a “common enterprise” in their motions.
However, Deaton highlighted that Judge Torres can produce a decision over the Daubert Motions any day now. This motion challenges the SEC’s and Ripple’s experts in the case.
XRP lawyer states that SEC not being able to produce expert testimony is a good sign for Ripple. This can play a crucial role in Daubert challenges. However, the commission cannot risk it by relying on it. As per information, experts haven’t interviewed any XRP holders. While his/her testimony is not credible enough.
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