XRP lawyer John E. Deaton argues that the U.S. Securities and Exchange Commission made a mistake by bringing aiding and abetting charges against Ripple CEO Brad Garlinghouse. Testimony from former SEC officials Bill Hinman and Jay Clayton in the US SEC v. Ripple Labs would have classified XRP as a non-security in the first year of the proceedings itself, but the SEC purposely denied it for years.
Deaton Reacts To Whether Hinman And Clayton Should Testify
Digital Asset Investor said he would have called a16z attorney Lowell Ness and Chris Dixon as first witnesses along with former SEC officials Jay Clayton and Bill Hinman in the Ripple vs SEC lawsuit. Jay Clayton apparently put executives in charge of heading up what became the Ethereum Free Pass Speech.
“I have a feeling they could provide great material insight into the thinking at the SEC around crypto securities issues at the time.”
Pro-XRP lawyer John E. Deaton agreed that Hinman needs to testify. Also, there was no chance to subpoena a former SEC Chairman for a trial. However, he believes the SEC made a mistake by bringing charges against CEO Brad Garlinghouse. Especially, Jay Clayton wanted to file a complaint against executives personally in a “non-fraud” case.
He asserts Jay Clayton in fact is a significant witness and should testify in the court. Clayton met with Ripple’s CEO and CTO, where Brad Garlinghouse said “Ripple is living in purgatory” after the Hinman speech. However, neither Clayton nor Hinman responded that XRP was a security.
A clarification from Clayton and Hinman would have saved litigation costs and expenses, time wasted in proceedings, and increased crypto adoption. While SEC still seeks to turn the tables after a ruling by Judge Torres that XRP is not a security.
XRP Price Rebounds Again From Support
CoinGape Media earlier reported that XRP price risks falling to $0.42 if whales and traders didn’t accumulate from the $0.50 support. A whale transferred more than $20 million in XRP to exchanges as the price continued to break support levels.
XRP price jumped 2% in the last 24 hours, with the price currently trading at $0.52. The 24-hour low and high are $0.508 and $0.529. However, the trading volume has decreased in the past 24 hours.
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