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Ripple Lawsuit: Judge Says SEC Lawyers Prioritize Personal Agenda Over Law

Wed, 03/08/2023 - 16:32
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Tomiwabold Olajide
Judge accuses SEC lawyers of self-interest
Ripple Lawsuit: Judge Says SEC Lawyers Prioritize Personal Agenda Over Law
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XRP holders' attorney and founder of CryptoLaw John Deaton has taken a jab at the U.S. Securities and Exchange Commission (SEC) in a recent tweet.

Deaton was responding to the news that a U.S. bankruptcy judge had given bankrupt crypto lender Voyager the green light to sell its assets to Binance in a $1.3 billion deal, quashing the objections of the SEC.

Deaton says the Voyager ruling was another example of a federal judge deciding the SEC's arguments are completely without merit.

He cites examples relating to the Ripple lawsuit. He says that a federal judge, in a written ruling, literally stated that SEC lawyers were being hypocrites and that they lacked faithful allegiance to the law.

In another instance, Deaton says, also in the Ripple lawsuit, the judge said that SEC lawyers were more interested in advancing their agenda than adhering to the law.

Deaton referred to the hearings in the LBRY lawsuit, where the judge pleaded with the SEC to provide clarity to users of the platform and the secondary market.

He went on to note that this was one of the reasons he filed an amicus brief in the LBRY lawsuit to ensure that the judge's ruling does not extend to secondary market transactions, as "the SEC basically told the judge it doesn't provide clarity."

Ripple Ally's LBC Token Jumps 140% Following This Minor Win in Hearing

This turned out to be a win for cryptocurrency start-up LBRY. While the judge ruled in summary judgment that the initial sales of LBC token were an unregistered security offering, he made it clear in the Jan. 30 hearing that his ruling did not apply to secondary market sales.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.