Judge Torres refused SEC’s request to revoke John Deaton’s amicus status in the Ripple lawsuit
The Securities and Exchange Commission (SEC) of the United States and payments company Ripple Labs Inc. are engaged in a protracted legal dispute that has recently gained new momentum as the regulator pursues staunch supporters of the business, including attorney John Deaton.
Deaton has been Ripple’s most vocal backer ever since the regulator first filed its lawsuit more over two years ago. Deaton has played a substantial role, from public outreach to presenting amicus briefs as a friend of the court; unsurprisingly, the SEC views this threat as serious.
According to the most recent data, the judge denied this request. She also agreed that the commission’s expert witness shouldn’t testify about XRP holders.
They literally asked the Judge to revoke my amicus status over my motion asking permission to file an amicus brief challenging this so-called #XRPHolder Expert. 🤦♂️
These Ivy League SEC Lawyers aren’t the best poker players I take it. https://t.co/jjhXtux3EU
— John E Deaton (@JohnEDeaton1) March 7, 2023
The SEC may have attempted to have Judge Torres remove Deaton from the case in part because he divulged the identity of their expert witness, according to a new update. According to the most recent data, the judge denied this request. She also agreed that the expert witness for the commission shouldn’t speak about XRP holders.
Since it reveals the regulator’s desperation to pursue parties who had fully participated to the litigation, this is considered as a significant victory for Deaton. Deaton observed that it doesn’t appear that the SEC lawyers are the world’s top poker players.
Depending on the judge’s preferences, the anticipated summary judgment, which comes as the case draws close, is now seen as a crucial precedent for all parties. Everyone in the XRP community will breathe a sigh of relief if Ripple succeeds, not just the corporation.
On the other hand, if the SEC prevails, the regulator will be given new authority to pursue Web 3.0 companies, giving it more strength and confidence. Many analysts, like John Deaton, think Ripple’s argument that XRP is not a security is strong and that the company may prevail over the SEC.
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