Are XRP holders the biggest losers in the Ripple case? Attorney John Deaton, after presenting the election and settlement of the case, makes this great statement. XRP, Ripple’s crypto currency has stalled due to uncertainty caused by a long-running lawsuit by the US SEC. However, XRP holders have tried to hold the wall in the hope that the outcome of the XRP case will be favorable to Ripple. However, a lawyer associated with the case said that XRP holders are the biggest losers here.
Is the SEC Opposing Its Position in the XRP Case? The US SEC, Amicus Curiae, Ripple, and the defendants filed their briefs in opposition and briefs seeking summary judgment in the XRP case. However, the commission again referred to Hinman’s documents and related emails in the latest filing despite pushback from the court. John Deaton, Amicus Curiae in the Ripple case, said that XRP holders are the biggest losers in the XRP case.
This happened despite the regulator’s mandate to protect consumers. In his mandamus brief, he said the SEC’s position on XRP is an unprecedented security in more than 70 years of securities law.
He added that this situation contradicted previous guidelines from authorities such as the Howey test. The XRP lawyer said that anything can be bound as a contract through an investment contract. So far, it has not been able to make the underlying assets safe. Will the Ripple issue end in moderation?
Coingape reported that XRP’s lawyer started a Twitter poll asking users if they thought the merger case would suggest a settlement or make the decision come out. However, almost 60% of voters think that this issue will be resolved.
XRP price recorded a decline of almost 60% year to date. While major digital assets such as Bitcoin (BTC) and Ethereum (ETH) lost 66% and 69% respectively. However, native crypto Ripple has proven to be the most dominant among crypto whales in the past few weeks.
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