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https://coingape.com/sec-fires-back-at-binanceus-with-evidence-and-testimony/A massive XRP dump of 30.7 million tokens occurred from an undisclosed wallet, Whale Alert reported. Investors are closely watching for potential price movements and market reactions following this significant transaction. However, the XRP price witnessed positive momentum on Friday, as the latest comment from John E. Deaton might have fuelled the traders’ confidence.
John Deaton Commits To Fight
Attorney John Deaton, known for his representation of XRP holders in the ongoing Ripple vs. SEC lawsuit, submitted a formal notice to join the LBRY lawsuit as an Amicus Curiae, in 2022. On September 14, he further filed a Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell in the LBRY case, while reaffirming his dedication to remain engaged throughout the proceedings, regardless of the ultimate result.
Commenting on James K. Filan’s post on X account, where he said that Deaton has filed the Notice of Appearance, Deaton said he is committed to the fight, no matter what will be the outcome.
In 2022, LBRY faced SEC accusations of breaching securities laws through the sale of their native LBC tokens. LBRY contested these allegations but ultimately lost the case in July 2023.
As a result, LBRY was ordered to permanently cease any activities related to securities law violations or unregistered crypto securities offerings, leading to LBRY’s decision to shut down.
To provide context, in 2022, lawyers Bill Gannon and John Deaton filed a document on behalf of tech journalist Naomi Brockwell, outlining her interests in the case. Brockwell revealed her earnings in the form of LBC cryptocurrency from tips, viewer purchases, and rewards, clarifying that she had not converted her LBC tokens into cash and retained ownership of them.
In July 2023, the United States District Court in New Hampshire issued a final judgment against LBRY, finding it guilty of violating the Securities Act of 1933.
It’s worth noting that the Ripple Labs case faced similar SEC allegations regarding the sale of $1.3 billion in XRP tokens. Despite concerns that the LBRY ruling might impact the XRP lawsuit, in July 2023, U.S. District Judge Analisa Torres ruled in favor of Ripple, determining that XRP token sales to retail buyers did not qualify as securities.
Also Read: ADA Price Surges Despite Low Crypto Volatility, Massive Rally Incoming?
Performance of XRP
Investors are closely monitoring the price performances of the cryptos amid a highly volatile condition in the market. In a recent development, Whale Alert reported that 30.7 million XRP, worth $15,037,735, has been transferred from an unknown wallet to Bitstamp exchange.
Although the news of such a big dump initially spooked some traders, the XRP crypto remained stable on Friday. During writing, the XRP price was up 2.84% to $0.4962, and its 24-hour volume was up 16.87% to $908,390,116.
However, the LBRY Credits price dropped by 4.36% as of writing and traded at $0.01347.
Also Read: XRP Holders Prepare For Ripple’s Victory Party, Rally To $1?
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