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SEC v. Ripple: XRP's Fate to Be Decided by Trial, Crypto Lawyers Agree

Wed, 03/08/2023 - 10:06
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Gamza Khanzadaev
This might be fatal to SEC, says Scott Chamberlain
SEC v. Ripple: XRP's Fate to Be Decided by Trial, Crypto Lawyers Agree
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Scott Chamberlain, former lawyer and co-founder of Evernode, the L2 smart contract platform on XRPL, has added his opinion on the topic of yesterday's development in the Ripple v. SEC case. Chamberlain stated that the likelihood of the case resolving through trial has become even higher. The crypto entrepreneur justified his opinion by saying that yesterday's events lead to conflicting expert testimony, which makes it difficult to issue a summary judgment.

XRP Price Rises as Ripple Lawsuit Expectations Soar: Details

As reported yesterday by U.Today, a key SEC witness was refused by Judge Torres to testify as to why people were buying XRP.

The point

According to Chamberlain, while many facts on both sides are in question, the one directly concerning XRP purchases in anticipation of profit from Ripple's actions may be impossible to prove. This could be fatal for the SEC, Chamberlain stated.

John Deaton, a legal representative for XRP holders and a crypto attorney, played a special role in this, says the former lawyer. According to Chamberlain, Deaton's efforts resulted in a situation where the testimony of 75,000 XRP holders on the motives for their purchases stood against the testimony of one SEC witness, whom the judge cut off.

Ripple v. SEC: Regulator Goes After John Deaton to Revoke His Amicus Status, Here's Why

Deaton, for his part, agreed with his colleague and also believes that the exclusion of the expert as a result of yesterday's judge decision is fatal to the SEC's motion for summary judgment.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.