Ripple is predicted to win more than the SEC because of the latest moves
Scott Chamberlain, a former lawyer and co-founder of Evernode, the L2 smart contract platform on XRPL, has provided his opinion in response to yesterday’s Ripple v. U.S. Securities and Exchange Commission (SEC) case development. Chamberlain says the prospects of the case being settled at trial have increased.
Yesterday’s moves might be fatal to SEC in the Ripple lawsuit
The Bitcoin proponent asserted in defense of his position that it would be difficult to render a summary judgment because of the conflicting expert testimony that emerged from yesterday’s events. Judge Torres disallowed a crucial SEC witness from discussing the reasons for his purchases of XRP.
While numerous facts are disputed on both sides, it may be tough to prove the one directly related to buying XRP to profit from Ripple’s actions. This might destroy the SEC.
The former attorney claims that John Deaton, a legal agent for owners of XRP and a cryptocurrency attorney, played a unique role. Chamberlain claims that due to Deaton’s efforts, the evidence of 75,000 XRP holders regarding the reasons behind their purchases conflicted with that of one SEC witness, whose testimony the judge interrupted.
Deaton, for his part, concurred with his colleague and shared the view that the SEC’s request for summary judgment is doomed because of the exclusion of the expert as a result of the judge’s ruling from yesterday.
The lawyer highlighted the latest ruling from the court
Stuart Alderoty, the chief legal officer of Ripple, tweeted Friday that the company’s current legal battle with the SEC is in good hands. Alderoty posted a summary of the newest judgment from the court, which included rulings on proposed expert opinions from both sides.
Specifically – not only is the SEC’s expert on “reasonable expectations of an XRP purchaser” struck from the record, but so is their expert who tried to say what “caused” the price of XRP to change. 2/4
— Stuart Alderoty (@s_alderoty) March 8, 2023
According to Alderoty, the SEC’s expert on “reasonable expectations of an XRP purchase” and its expert who asserted to know what “caused” the price of the contentious coin to move were both rejected by the court in its ruling. Nonetheless, Ripple’s specialists, who offer testimony regarding the firm’s contracts, tax situation, accounting situation, and currency, were permitted to remain on the premises.
Alderoty said that Ripple has always felt strong in its position and that this confidence only increases with each verdict. Ripple CEO Brad Garlinghouse underlined the value of transparency and utility to restore trust in the American cryptocurrency industry. He appealed for the industry to unite and move forward together.
The SEC’s regulatory crackdown on cryptocurrencies is one of the difficulties the sector is now facing, according to Garlinghouse.
He attacked SEC Chair Gary Gensler’s efforts to register cryptocurrency companies and asked regulators to treat the sector carefully. Garlinghouse said that the U.S. might follow the MiCA regulations of the EU.
*DECISION ON SEC SUIT EXPECTED THIS YEAR, GARLINGHOUSE SAYS
— Tree News (@News_Of_Alpha) March 2, 2023
Garlinghouse expressed optimism that the XRP dispute with the SEC would be settled this year in a recent interview with Bloomberg, stressing that the outcome of the case will have enormous ramifications for the whole sector.
- Judge Torres Refused SEC’s Request To Revoke John Deaton’s Amicus Status In The Ripple Lawsuit
- The Ongoing Legal Battle Between The SEC And Ripple Continues With A New Court Ruling
- SEC May Lose On These Grounds In The Ripple Lawsuit, Crypto Lawyer Echoes Community Belief