XRP Lawsuit: Pro Ripple Lawyer Gathers Support in Legal Battle Against SEC

In a recent development surrounding the ongoing legal battle between Ripple Labs Inc and the U.S. Securities and Exchange Commission (SEC), John E Deaton, XRP Lawsuit lawyer, has rallied thousands of individuals to join as potential amici in support of XRP holders. Deaton’s call for support comes after Judge Analisa Torres ruled that Ripple did not violate federal securities law by selling its XRP token on public exchanges.

John E Deaton Takes on SEC

Deaton, who has been actively vocal in defending the rights of crypto investors, took to Twitter to share the news of the growing number of individuals joining his cause against SEC in XRP Lawsuit. At the time of his announcement, the count stood near 3,000 Coinbase customers willing to serve as amici.

And just like that we are at 3135. People are tied of the SEC’s type of protection.

– John E. Deaton, July 18, 2023

Deaton’s efforts gained further traction when CoinGape reported that Gary Gensler, the SEC Chairman, expressed disappointment regarding the judge’s ruling, specifically concerning the impact on retail investors in the XRP case.

The background of the case involves allegations by the SEC that Ripple’s sale of XRP constituted the offering of unregistered securities. However, Judge Torres ruled in favor of Ripple, stating that the company did not violate federal securities law through its XRP sales on public exchanges.

Also Read: SEC Chair Gary Gensler Raises Crypto Exchange Concerns Prior To Senate Hearing

Partial Win For SEC In XRP Lawsuit

In response to the ruling, an SEC spokesperson told Reuters the agency’s satisfaction with the portion of the decision that held Ripple accountable for its sales to hedge funds and other sophisticated buyers, totaling $728.9 million.

The ruling has led to Coinbase, the largest cryptocurrency exchange in the United States, resuming trading of XRP on its platform. Coinbase was one of the first exchanges that delisted the XRP coin when the SEC sued Ripple Labs back in December 2020. XRP is currently trading at $0.7485.

John Reed Stark, Former Chief of the SEC Office of Internet Enforcement suggested that judgment in the XRP lawsuit is likely to be appealed. Read More On CoinGape…