XRP Lawsuit News: The U.S. Securities and Exchange Commission (SEC) have tried to stand its ground by presenting different assertion against Ripple and the defendants in the XRP lawsuit. However, the claims around the Common enterprises have become a real problem for the SEC in this case.
XRP lawyer claims SEC is stretching too far
John Deaton, XRP holders’ lawyer in the Ripple Lawsuit called out the experts which are predicting that SEC will secure a win here and claims that XRP is doomed now. He asserted that they are overstating the commission’s chances as their allegations are stretched too far.
XRP lawyer pointed out SEC’s argument around Ripple stating it is a common enterprise. However, Ripple has already forced the commission to admit that holding XRP doesn’t gives a holder rights in RIpple. While Ripple owes nothing to XRP holders. Read More XRP News Here…
While before anyone could file the amicus request, XRP holders with 3K affidavits stating the majority of first time buyers submitted their request in the XRP lawsuit. As thousands of the holders bought XRP for non-investment reasons, they received financial benefits independently of Ripple.
However, this amicus also challenged the expert witness which are allegedly hired by the SEC in order to issue a report against XRP. Meanwhile, at the time of deposition, the SEC expert presented a Twitter during cross examination by the defendants’ lawyer.
Is SEC still contradicting its argument?
This brings to the main question of what is the common enterprise. XRP lawyer states that it can’t be Ripple and since the SEC abandoned their expert there is no “XRP Ecosystem” testimony before Judge Torres in the XRP lawsuit. While SEC’s briefs claim that XRP is the common enterprise itself.
However, the commission also claims that the XRP itself presented all the promises and inducements and efforts made by Ripple. This directly suggests that the SEC is arguing that Ripple’s native token single handedly satisfies both the second and third prongs of Howey.