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The long running XRP lawsuit between the US SEC and Ripple is in the Summary Judgment phase. Ripple recently submitted their opposition to each other’s motions for an early ruling under the seal. However, the XRP holders’ lawyer has suggested what might happen next in the crucial case.
SEC riddled in XRP lawsuit?
John Deaton, Amicus Curiae in the XRP lawsuit has dropped a major hint over court’s ruling. He stated that he hasn’t read the SEC’s opposition to Ripple’s motion for summary judgment yet as it has been filed yet.
However, Based on Ripple’s motion and knowing what other amicus will present, XRP lawyer believes that the SEC won’t be granted a judgment at all. However, there might a situation where Judge might ask a jury to decide the facts in the XRP lawsuit.
Defendants in the motion mentioned that the SEC’s narrative of the launch of XRP and XRP ledger is riddled with mistakes and omissions. The commission has no viable legal theory to support claims that the Ripple and defendants needed to register XRP as a security.
It highlighted that the SEC has failed to prove the fact that it is trying to present that defendants sold investment contracts. Meanwhile, the SEC hasn’t claimed that the purchase of XRP creates any rights for the buyer nor imposes any obligations on the seller.
Loopholes in SEC’s motion
Earlier, Coingape reported the XRP lawyer came out with the loopholes in the SEC’s motion of summary judgment. He stated that the commission is not relying on a single expert in the XRP lawsuit.
The SEC has presented no attempts to prove the price correlation between the XRP and Ripple. How Ripple and staff put their effort to pump XRP prices. However, there is no testimony that can claim that the token holders were dependent on the skills of the Ripple team.
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