A Close Call For Judge in US SEC Vs Ripple; XRP Lawyer Suggests
XRP News: The long running legal battle between the US SEC and Ripple Labs has come to a halt season as both parties are waiting for the Judge to produce a much anticipated Summary Judgment. Amicus Curiae in the XRP lawsuit predicted a close call for Judge Netburn to take regarding the present evidence.
XRP Howey Memos Is The Key?
Reports suggest that the XRP memo is covered under the Deliberative process privilege (DPP). However, Ripple didn’t mean to acquire it while it was turned over by the court. The court noted the memos didn’t hold recommendations at the end.
Attorney John Deaton, XRP holders’ lawyer stated that the decision over XRP Howey Memo was a very close call for the Judge to take. The same is highlighted in the amicus brief submitted in court. He added that the US SEC’s lawyer claimed that the XRP was a security. However, the commission should have recommended a cease and desist letter, he stated. Read More XRP News Here…
Coingape reported that the XRP lawyer suggest that there is no deadline for the Judge to produce the much anticipated Summary Judgement in the Ripple lawsuit.
SEC Going With A Strategy?
Deaton highlighted that the US SEC is going with well planned strategy for classifying digital assets. As per the attorney’s claim, the commission is expanding its definition of what makes a security. US watchdog has already done this by enforcing cases on LBRY, DRGN and XRP tokens.
The commission is focusing on the underlying digital asset as the Security. It includes secondary market sales. However, Deaton claims that it is a US SEC’s embodiment theory asserting XRP comprises all of Ripple’s efforts.
As per the commission’s argument Ripple’s native crypto, XRP itself represented the common enterprise. It was an effort of Ripple and all the XRP holders. While it projects the expectation of profits.
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