XRP was Profitable Before the SEC’s lawsuit, Pro Ripple Lawyer Unveils SEC’s Lies
The post XRP was Profitable Before the SEC’s lawsuit, Pro Ripple Lawyer Unveils SEC’s Lies appeared first on Coinpedia Fintech News
The SEC’s lawsuit against Ripple, filed in December 2020, alleges that Ripple conducted an unregistered securities offering worth $1.3 billion through its sale of XRP tokens. Ripple, on the other hand, maintains that XRP should not be classified as a security and that the SEC’s actions are an overreach of its regulatory authority.
Adding a layer of intrigue to the case is John Deaton, a pro-XRP lawyer, who has intensely contested the SEC’s stance. Deaton, himself an XRP holder, has accused SEC lawyers of misrepresenting his motives, stating that his investment in XRP was profitable before the SEC’s lawsuit. He argues that his involvement in the case stems from a belief in XRP’s legitimacy and a commitment to fighting regulatory overreach.
Anyone who has seriously followed me knows this. When I sued the SEC, SEC lawyers like Jorge Tenreiro lied and told the Judge I was a disgruntled #XRP holder who was upset because I bet on the wrong token and lost money. The truth was when the SEC filed suit on December 22, 2020,… https://t.co/F3TIrYY5dy
— John E Deaton (@JohnEDeaton1) December 3, 2023
The Hinman Documents: A Potential Game-Changer
A critical element in this legal drama is the so-called “Hinman documents,” named after former SEC Director William Hinman. Hinman’s 2018 speech, where he suggested that Bitcoin and Ethereum were not securities, has become a focal point. Ripple supporters argue that the same logic should apply to XRP. The court’s decision to potentially introduce these documents into the case could significantly impact the SEC’s ability to regulate the digital asset space.
Despite the legal headwinds, XRP’s market performance has shown resilience. The token has remained above its 50-day and 200-day Exponential Moving Averages (EMAs), a bullish signal for investors. As the case progresses, XRP’s price movement will be closely watched, with potential shifts depending on both legal developments and broader market trends.
Implications for the Cryptocurrency Industry
As Ripple and the SEC approach the final stages of their legal battle, the implications for the broader cryptocurrency industry are significant. This case could set a precedent for how digital assets are regulated in the United States, influencing future SEC actions and potentially prompting legislative changes. The SEC needs to make the rules clear for the crypto industry.
The SEC vs. Ripple case is more than just a legal dispute between a company and a regulator; it’s a litmus test for the future of cryptocurrency regulation. With the potential introduction of the Hinman documents and ongoing market analysis, this case remains a critical watchpoint for investors, legal experts, and regulators alike.
Filed under: Bitcoin - @ December 4, 2023 8:18 am