XRP Lawsuit News: The U.S. Securities and Exchange Commission (SEC) launched legal battle against the Ripple labs, now awaits the crucial Summary Judgment. However, attorneys and experts involved in the XRP lawsuit tipped off a probable Jury Trail in action ahead.
XRP Lawsuit To Go For Jury Trial?
As per Bill Morgan, Ripple and Defendants looked hard hitting as the arguments and pieces of evidence came out. Meanwhile, after taking a look at the US SEC’s briefed motion for summary judgment and memorandum of law, it prima facie becomes more compelling.
The US SEC holds a strong and compelling case going by its submitted Summary Judgment briefs. However, the motion has some complex arguments around secondary sales but the main issues raised by the commission over Ripple violating Section 5, ease the case for the judge.
Attorney John Deaton, Amicus curiae in the XRP lawsuit came to the rescue of the Ripple and defendants. He stated that the issue here stands around whether the US SEC seized a loss from the jaws of victory. The attorney highlighted that the commission went with the argument of all or nothing stance. Read More XRP News Here…
Deaton added that the US SEC lacked the specific transactional approach and tried to depict that the XRP itself constitutes an investment contract. He suggested that the commission might face a loss here.
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However, Attorney mentioned Rule 56 of indisputable facts statements and counter statements and agreed with the court decision. He added that Judge Torres rejects Ripple and Defendants Blue Sky Argument which was filed for the 2nd circuit. A Jury Trial on this issue or more is completely in the scenario, he asserted.
Earlier, Deaton claimed that Ripple might be happy to have Judge Netburn and Torres in the case. As if the court rejects the US SEC’s motion then it might lead to a jury trial ahead.