The US Securities and Exchange Commission (SEC) played its cards to revoke the amici curiae status granted to XRP holders. Several filings against it reflected the said story. Nevertheless, Defendant relentlessly returned on several occasions to refute Plaintiff’s filings.
catch me if you can
Attorney John Deaton led a group of XRP holders by filing a motion to intervene in the case in March 2021. Although their attempt was rejected by the court last October, they still managed to gain amici status. As a result, XRP holders help to include “friends of the court” notes.
And now they may be after SEC, as portrayed by James K. Filan, a fellow celebrity attorney. The defendant had filed their response to the SEC’s motion. In it, the SEC asked the court to dismiss amici’s request to participate in the lawsuit. And to even deny the involvement of attorney John Deaton for “gross misconduct.”
— James K. Filan 🇺🇸🇮🇪 106k (beware of cheaters) (@FilanLaw) July 25, 2022
First, the filing focused on the SEC’s unlawful extension of the Howey test, as the token represented a “security in its own right.” This theory (by the SEC) has been a problem from the start, according to Deaton. Ergo, the SEC itself is guilty of its “unprecedented allegations.”
According to attorney Deaton, before disclosing the SEC expert’s name, the parties to the lawsuit (Ripple and SEC) – previously identified another SEC witness (Dr Albert Metz) before submitting its request. In this context, Deaton added:
“I never foresaw, and never expected, the problems with the second SEC expert, especially given the parties’ disclosure of the other expert’s identity.”
In addition, the said attorney reprimanded the SEC for taking the opposite stance regarding the expert’s reports. So claim,
“The SEC’s diametrically opposed legal stances are consistent with Judge Netburn’s harsh but careful observation that the SEC adopts its litigation positions to achieve its desired goal, and not out of faithful adherence to the law.”
Overall, the plaintiff remains determined to revoke Amici’s rights in the lawsuit as the filing date of the summary judgment approached.
Your choice has resulted in:
Indeed, the SEC wanted to remove Deaton from the case — there’s no denying it. Several enthusiasts asked the lawyer the same question on Twitter. For example, consider this tweet.
Would like the SEC to respond to @JohnEDeaton1 and say:
“There is no reason for you to be in this case, selling… #XRP on the secondary market are no Securities.”
– mr. Intuitive – Only Trumors. (@BlackberryXRP) July 25, 2022
The key figure of the lawyer responded:
“If the SEC had said this after I filed the subpoena on Jan. 1, 2021, I wouldn’t be tweeting this and I wouldn’t be an amicus advisor. I would have said ‘if you can prove that Ripple sold a security in 2013 or yesterday, so be it.’ But the SEC chose to deal with ALL XRP being illegal.”
As expected, Attorney Deaton’s response to the SEC drew a lot of backlash from the Ripple community. Attorney Jeremy Hogan praised Deaton’s response.
Att’y Deaton’s response may be my FAVORITE letter in the Ripple case so far.
It defends its position in the case, defends its own actions, attacks the SEC, attacks the SEC expert, all in four pages.
AND, coincidentally also on Hinman and his “relationship” with Ethereum.
BRAVO! https://t.co/O7YcnPpRJC pic.twitter.com/BjWsokGaHV
— Jeremy Hogan (@advocaatjeremy1) July 25, 2022
This post SEC vs. Ripple: The ‘amici curiae’ brawl came alive just because…
was published first on https://ambcrypto.com/sec-vs-ripple-the-amici-curiae-brawl-came-to-life-just-because/