XRP Lawsuit: XRP Holders Are Biggest Loser In Ripple Case? Attorney suggests this
XRP Lawsuit news: XRP, Ripple’s native cryptocurrency, has been stagnant because of the uncertainty caused in part by the US SEC’s long-running case. However, XRP holders have attempted to keep the fort in the hope that Ripple will win the XRP lawsuit. An attorney involved in the case stated that XRP holders are the biggest losers.
US SEC, Amicus Cuiae Ripple and Defendants submitted their briefs to obtain a summary judgement in the XRP suit. Despite being rebuffed by the court, the commission brought back Hinman’s speech documents and related emails in its latest submission.
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John Deaton, Amicus Cuiae in Ripple Lawsuit stated XRP holders were the biggest losers in XRP litigation. It had occurred despite the regulator’s mandate of protecting customers. He stated in his writ de mandamus that the SEC’s decision to take on XRP was unprecedented in more than 70 years of Securities law.
He stated that this contradicts previous guidance from authorities such as the Howey test. An XRP lawyer stated that any asset can be packaged as a security through an investment contract. This does not make the underlying asset a security by itself.
Coingape reported that XRP lawyer launched a Twitter Poll asking users if they believe the summary judgment will suggest a settlement or go to verdict. Nearly 60% of voters believe there will be a settlement.
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