In a recent Video for CryptoLawUS, John Deaton, renowned attorney and representative of XRP holders in the SEC vs Ripple lawsuit, discusses the nervousness of waiting for a final decision. Deaton acknowledged that people were making assumptions and expressed frustration at how long the case had dragged on.
Based on his own experience, Deaton states, “Today I am working on a case that was filed in 2018 by me; there are like these three cases. That was 2018. Five years ago. So, this delay is normal for me because this is a civil justice system.”
Deaton emphasized the complexity of the situation by highlighting that Ripple and the SEC made several moves for summary judgments in the brief of counterclaims and objections to each other’s motions. In addition, the cases are complex and involve hundreds of pages of arguments for judges to go through.
Six months ago, a counter report was due; on March 6, Daubert’s motion was also filed, relating to the admissibility of expert witnesses. It asserted that the judge’s summary judgment had taken place anywhere from the same day as Daubert’s decision to six months later, based on a previous ruling he issued in the related case.
In order to dispel the myth that this case is taking longer than the previous case, it is hoped that a decision in this case can be taken on September 6th. The judge may take time to thoroughly consider his decision, given the importance of the case and the scrutiny he will receive from many parties, including the court of appeals.
As to the length of the case, high-profile lawyers argue that this case, which fills a regulatory gap, is a first impression case because no other case addresses secondary selling in this way. Fifteen amicus briefs have also been submitted, underscoring the importance of this case for US international trade, finance, and economic policy.
It should be noted, according to Deaton, that Judge Torres had broad duties and goals while managing more than 500 outstanding cases, including 44 criminal cases. Despite some claims to the contrary, it is important to recognize the importance of every case in court, even those involving defendants who face harsh sentences.
Deaton dismissed the idea of something sinister going on in this case as absolute nonsense. While some have argued that Judge Torres was on the payroll of the SEC and that he was doing inside work, Deaton strongly questioned why Judge would rule against the SEC at all, for example, by ordering them to release Hinman’s emails.
“Okay, so if he was corrupt and on the SEC payroll, he would never release Hinman’s emails that they fought so hard to keep secret.” He said about the matter.
While Deaton indicated he was pleased with the appointment of Judges Netburn and Torres, he said that he did not necessarily agree with every decision they made but was fair overall. He cites the exception of SEC witnesses who claim to speak for XRP holders but have never spoken to one.
He says: “Are you really going to sit there and say oh he did that just to give the impression that he was fair. Come on like let’s join reality. Get out of the metaverse and let’s get back to reality. Please. Not this one.”
Finally, Deaton concluded that if the decision was in favor of Ripple, the SEC could file an appeal notice; if it is in the SEC’s favour, the SEC can still decide to appeal or negotiate with Ripple.
Given the importance of this case and the possibility that it will go to the US Supreme Court, the judge will take some much-needed time before making a final decision, knowing that the Second Circuit and other high court judges will be scrutinizing it. .
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