John Deaton Praises XRP Holders for Voicing Their Support on the Ripple-SEC Suit

Crypto Regulation
John Deaton Praises XRP Holders for Voicing Their Support on the Ripple-SEC Suit

John Deaton, a legal juggernaut and founder of CryptoLaw, a platform for news and analysis on key U.S. legal and regulatory developments for digital asset holders, has commended XRP holders for their support in the ongoing Ripple lawsuit. In a tweet released yesterday, the 22nd of October, Deaton stated that Ripple had submitted 3,000 XRP holders’ affidavits. 

While updating the crypto community on recent Ripple vs SEC litigation developments, Deaton referred to one of the exhibits filed, praising XRP holders for causing their voices to be heard. In his tweet, Deaton wrote, “Looks like 3K #XRPHolder Affidavits were submitted by Ripple.”

In response to the U.S. Securities and Exchange Commission’s motion for summary judgment, hundreds of XRP holders have filed exhibits this past week. According to Deaton, the exhibits continue to roll in as Ripple, and individual defendants submit memorandums of law. Dean has stated that there are currently 440 exhibits filed under seal. However, the exact time and how much will be unsealed is yet to be known.

“Exhibit 167 is broken into 26 parts. Although sealed, it has been filed as ECF 655-1-26. When you have a massive exhibit w/hundreds thousands of pages, the system can’t handle all as one exhibit and must be broken up.” Deaton tweeted

Crypto Community Anticipates Big Reveal on October 24

Monday 24th of October is a much anticipated day for Ripple, SEC, and the crypto community. Tomorrow marked a big “reveal” date as Ripple and the SEC are expected to file publicly redacted versions of the opposition briefs. 

Speaking on the ongoing suit, Deaton highlighted what he believes the public might likely see on Monday, Oct. 24: 

“The public will get to read limited redacted versions of the opposition only. Unfortunately, the public will not be able to read the 56.1 statements, counter statements, exhibits, deposition testimony, etc., until late December or January.”

As you may remember, in September, Ripple and the SEC filed motions for summary judgment and opposition to the briefs already filed by the parties. A redacted version of the briefs will be made public tomorrow, October 24.

Ripple Garners More Support 

In recent weeks, Ripple’s defense against the SEC has received more support. More big market players have indicated their support for Ripple in the lawsuit. Last week, Phillip Goldstein and ICAN (Investor Choice Advocates Network) requested to file an amicus brief.

Also recently, SpendTheBits, a private company that developed an application that uses XRP Ledger and XRP for transferring Bitcoin, has requested to file an amicus curiae brief. As previously reported, Judge Analisa Torres approved I-Remit and TapJets’ requests for leave to file amicus curiae briefs in the lawsuit.

In Retrospect

The Ripple Labs suit with the SEC started on 22 December 2020, when the SEC announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering XRP.”

However, Ripple, on its part, maintained that the XRP was traded on “well over 200 exchanges around the world,” and “99% of all XRP trading had nothing to do with Ripple the company.”