Ripple Lawsuit: John Deaton’s Amici Request Fires Back At Doody’s Testimony

May 22, 2022 11:05 am

In 2021 John Deaton filed an Amici Curiae letter on behalf of 25,000 XRP investors.

Sources claim that it took roughly 8 months before the court gave the green-light to Deaton’s original brief, filed on behalf of XRP token holders and traders…

Deaton is attempting to file yet another brief of this kind, but this time on behalf of 67,000 XRP investors.

This brief is being positioned as a response to recent testimony from expert S.E.C. witness, Patrick B. Doody, who made claims and assertions about what information XRP token holders believed to be true while making their purchases.

Deaton and others have criticized Doody’s testimony claiming that he likely didn’t speak to a single XRP investor before arriving at his conclusions and presenting his assertions to the court.

The S.E.C. claims that it stands for the ‘interests’ of investors, but shooting the hostages to ‘save’ them from the terrorists is no way to go about business…

Their regulatory overreach has negatively impacted all holders of the token, which once upon a time carried a retail trading price close to $4.00.

Today, as a direct result of the S.E.C. lawsuit, and the ensuing delisting of the token from all major U.S. exchanges, XRP is trading near $0.41.

Here are the latest developments in the Ripple v S.E.C. lawsuit:

According to AMB Crypto, the Amici filing fires back at the recent expert testimony of S.E.C. witness, Patrick B. Doody:

John E. Deaton has filed a motion letter asking the judge to permit him to write a brief on behalf of 67,300 affected/hurt XRP holders. This move comes on the heels of testimony from an expert SEC witness – Patrick B. Doody – who gave a report on what information ‘reasonable’ XRP holders relied on while buying the token.

 

 

Despite the extremely contentious fighting between Ripple Labs and the S.E.C., CNBC reported last month:

“The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago,” Garlinghouse said at a CNBC-hosted fireside chat at the Paris Blockchain Week Summit Thursday. “But the wheels of justice move slowly.”

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