Connect with us

Ripple and XRP News

Lawyer Reiterates XRP is Not a Security Amidst SEC Lawsuit




XRP Community continues to build on their arguments against the SEC lawsuit  as the much awaited summary judgement is expected in a weeks’ time.

Deaton Reiterates XRP is Not a Security

In his recent twitter thread John E. Deaton, founder of crypto-centred law firm CryptoLaw and amici curiae in the SEC-Ripple lawsuit, representing thousands of XRP holders, has attempted to clear the air about some key terms that are of critical nature.

Deaton stated that the ‘investment contract’ is the most misunderstood legal term used in the law as he added the Howey Test, used to evaluate whether a product should be considered security or not, is the most misapplied test on social media.

Deaton went on and quoted the article of law that describes a security. He highlighted that the article nowhere mentions digital assets or software code, iterating that XRP is not a security. The lawyer also added that a digital asset standing alone can never be a security, however, he continued, it may sometimes be sold in a manner that makes it a security. What Deaton means is that a crypto coin can not be a securit by nature, however it can be sold in a way that could be considered  sale of a security.

The Date for Summary Judgement

In an earlier tweet Deaton had stated that the Judge Analisa Torres may announce the summary judgement as early as within hours or as late as a couple of months after the Daubert Motion Decision.

The Judge had announced decision on Daubert motion on 7th March and almost a month later, the Summary judgement has not been issued yet. It is fair to expect that the summary judgement may come during the last week of April or the first of May.

Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Press Release

Ledger Nano X - The secure hardware wallet