John Deaton confirmed that he submitted an amicus brief in the Ripple vs SEC case and challenged the SEC body to prove any direct control/relation between Ripple & XRP.
Ripple is a San Francisco headquartered fintech company. The main business of this firm is to provide global payment services with the help of XRP coin at a low cost over traditional international payment service providers. Since 2020, Ripple has been in a legal hurdle with the American securities regulatory body.
On 7 June 2023, John Deaton, XRP supporter & US crypto Attorney, confirmed that he submitted his amicus brief in the Ripple vs SEC lawsuit and challenged the United States Securities and Exchange Commission (SEC) to prove or provide any case to represent any contract among XRP holders/traders with the Ripple firm.
At present, Ripple is standing in a very good position in the XRP lawsuit case against the US SEC body.
Just two weeks ago, the court judge rejected the SEC’s motion & also forcibly ordered the SEC to produce Hinman’s documents in the courts.
Recently few people noted that the SEC body is trying to delete the crucial statements & evidence passed by the former SEC Commissioner William Hinman over the nature of the Ethereum (ETH) coin.
In Dec 2020, The US SEC initiated a lawsuit against the Ripple firm & its executives over the sale of more than $1.3 billion worth of XRP tokens.
According to the American securities regulatory body, XRP is a security token, so XRP sales by the Ripple executives violated federal securities laws.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.