Attorney John Deaton emphasizes the strong evidence pointing towards XRP being classified as a non-security, based on the remarks made by former officials Bill Hinman and Jay Clayton from the United States Securities and Exchange Commission during the United States Securities and Exchange Commission vs. Ripple Labs lawsuit.
XRP attorney John Deaton calls for United States Securities and Exchange Commission officials Jay Clayton and Bill Hinman to provide testimony in the Ripple vs United States Securities and Exchange Commission legal case. (Photo from The Crypto Basic Website)
Lawyer John E. Deaton, who represents XRP, argues that the United States Securities and Exchange Commission (SEC) made a mistake by charging Ripple CEO Brad Garlinghouse with aiding and abetting. Deaton claims that former SEC officials Bill Hinman and Jay Clayton would have initially classified XRP as a non-security in the case against Ripple Labs. However, the SEC intentionally ignored this classification for a long time.
Digital Asset Investor suggested that witnesses such as a16z attorney Lowell Ness, Chris Dixon, and former SEC officials Jay Clayton and Bill Hinman should testify in the Ripple vs SEC lawsuit. It is believed that Jay Clayton played a role in the Ethereum Free Pass Speech, which appointed executives to handle crypto securities matters. Their testimonies could provide valuable insights into the SEC’s perspective on cryptocurrency securities during that period.
Pro-XRP attorney John E. Deaton agrees that Hinman should testify since it was not possible to subpoena a former SEC Chairman for the trial. However, he believes that the SEC made a mistake by charging CEO Brad Garlinghouse, especially because Jay Clayton had intended to file a complaint against executives personally in a non-fraudulent case.
Deaton asserts that Jay Clayton is a crucial witness who should testify in court. Clayton had a meeting with Ripple’s CEO and CTO, during which Brad Garlinghouse expressed that Ripple was in a state of uncertainty following the Hinman speech. However, neither Clayton nor Hinman confirmed that XRP was a security.
Lastly, If Clayton and Hinman had provided clarification, it would have saved expenses and time spent on litigation, as well as promoted wider adoption of cryptocurrencies. Despite a ruling by Judge Torres that XRP is not a security, the SEC still aims to reverse the outcome.
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Update on XRP Price
The XRP price has once again recovered from its support level. Earlier, CoinGape Media warned that the price could drop to $0.42 if whales and traders didn’t start accumulating from the $0.50 support.
However, a whale transferred over $20 million in XRP to exchanges, causing the price to rebound.
Currently, the price is trading at $0.52, showing a 2% increase in the last 24 hours. The 24-hour low and high are $0.508 and $0.529 respectively. It’s worth noting that the trading volume has decreased in the past 24 hours.
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