XRP Lawsuit: John Deaton Files Letter To Represent 67k XRP Holders

May 24, 2022 2:51 pm Comments

A major new development just recently took place in the longstanding Ripple vs SEC lawsuit that debates whether or not XRP is considered a security.

It has been reported that John Deaton has now filed a new letter to request to represent 65,000 XRP holders in the lawsuit.

The reason for this was because there was much debate on whether or not XRP investors thought that the digital asset was a security at the time that they bought XRP.

The move is a direct response to the SEC wanting to bring in an expert to testify before the court whether or not the expert thought XRP was a security.

As a result, it seems to be most logical to just get the testimonies of the investors themselves which means getting John Deaton involved would be critical.

DailyHodl.com reports:

“The SEC wants an ‘expert’ witness to give testimony about what XRP holders were thinking when they bought XRP. Deaton represents 67,000 actual XRP holders and wants to present what they were actually thinking. So, of course, the SEC opposes it.

Deaton wants to file a brief ‘Daubert’ motion related to an expert hired by the SEC to discuss the motives of XRP purchasers. This means that Ripple is trying to strike the witness altogether because his opinion has no ‘reasonable scientific basis.’”

A Daubert motion is a specific type of motion that aims to exclude the presentation of an expert’s testimony to a jury.

Hogan, who has been closely following the case for months, says that the SEC will have a tough time proving its case if their expert witness is rebuffed.

It would severely damage the SEC’s case in the lawsuit if the overwhelming majority of XRP investors stated that they believed that XRP was NOT a security when they bought it.

As many familiar with the lawsuit know, John Deaton has been a long time supporter of Ripple in the case since the beginning.

If this new motion by Deaton passes, he will essentially become the voice of 67,000 investors in the court and the only thing still needed right now is for Judge Sarah Netburn to provide the necessary approval.

This will also debunk any claims that the SEC’s chosen expert is saying which has included claims that this expert knows exactly what XRP investors were thinking during the ICO.

TheCryptoBasic.com reports:

As part of the brief, the outspoken attorney plans to respond to a report from one of SEC’s experts, Patrick B. Doody, who claims to know what motivated XRP investors into purchasing the asset class during the 2013 Initial Coin Offering (ICO).

Prior to the recent motion, attorney Deaton and other cryptocurrency and legal experts had slammed Doody’s testimony, saying the SEC’s expert never engaged any XRP investor in a conversation before arriving at the conclusion he gave in court.

Attorney Deaton argued that if Doody spoke with XRP investors as he claimed, he would know that the ongoing lawsuit is affecting the asset class’s price, which has continued to plunge holders into serious losses.

Ultimately, Deaton and the investors he represents should be the most qualified to talk about what they were thinking when they bought the asset instead of this “expert” that was chosen by the SEC.

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