Pro Ripple lawyer takes to twitter to criticize recent moves made by the SEC against Ripple.
Volume of XRP being traded declines, and development activity rises.continue to pile on. Recently, the SEC filed aiding and abetting allegations against Ripple’s CEO.However, pro-XRP attorney John Deaton asserted that the SEC made an error by filing aiding and abetting charges against Ripple’s CEO Brad Garlinghouse. Deaton emphasized that past testimony from former SEC officials Bill Hinman and Jay Clayton in the Ripple vs.
Deaton agreed that Hinman’s testimony is crucial, but summoning a former SEC chair for trial is not feasible. Despite this, Deaton argues that the SEC’s decision to charge Garlinghouse was flawed, considering Clayton’s inclination to file complaints against executives on a personal basis without fraud.
Clayton’s role as a witness is pivotal, especially given his communication with Ripple’s CEO and CTO, during which Garlinghouse expressed Ripple’s predicament following Hinman’s speech. Notably, neither Clayton nor Hinman explicitly labeled XRP as a security. Clarity from Clayton and Hinman could have saved time and expenses, potentially boosting crypto adoption. The SEC aims to reverse the decision despite Judge Analisa Torres ruling that XRP is not a security in specific cases.It remains to be seen how the Ripple network could be impacted in the future. One positive aspect would be the rising development activity on Ripple. This suggested that new developments and improvements on the Ripple network could be expected.
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