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Ripple Lawsuit: SEC Underestimated 'Fight' Inside XRP Holders, John Deaton Says

Wed, 03/15/2023 - 15:48
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Tomiwabold Olajide
SEC underestimated challenge from XRP holders and ecosystem: John Deaton
Ripple Lawsuit: SEC Underestimated 'Fight' Inside XRP Holders, John Deaton Says
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In a recent CryptoLaw TV live stream, J.W. Verret, an associate law professor at George Mason University and a former member of the SEC Investor Advisory Committee, shared his opinions on the Ripple lawsuit.

The interview was shared by XRP enthusiast @sentosumosaba, who quoted J.W. Verrett as saying, "The SEC underestimated the 'fight' inside of Ripple CEO Brad Garlinghouse."

CryptoLaw founder John Deaton added, resharing the post: "And they definitely underestimated the fight inside retail holders and the XRP ecosystem."

Last year, around the time when all the briefings would be completed, John Deaton commended XRP holders for their support in the lawsuit, noting that Ripple had submitted 3,000 XRP holders' affidavits. Deaton also praised XRP holders for making their voices heard.

Ripple v. SEC: XRP Holders' Support Felt With 3,000 Affidavits Submitted

In the lawsuit, several market players filed amicus briefs in support of Ripple. Phillip Goldstein and ICAN (Investor Choice Advocates Network), SpendTheBits — a private company that developed an application that uses XRP Ledger and XRP to transfer Bitcoin — Iremit, Reaper Financial and Tapjets are among the market players that stepped out in support of Ripple in the lawsuit.

In the interview held on March 14, John Deaton and J.W. Verret discussed the possibility of the Ripple lawsuit heading to the Supreme Court. As reported earlier, Deaton said he did not doubt that Ripple would win in the Supreme Court.

Deaton referred to comments made by Ripple's general counsel, Stuart Alderoty, that the SEC had lost four of its last five cases in the Supreme Court.

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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.