After blasting the arguments coming from the United States Securities and Exchange Commission (SEC) in its lawsuit against Ripple, a defense lawyer and popular commentator on the case expressed confidence that the case would end favorably for the blockchain company and the cryptocurrency industry as a whole.
Indeed, the pro-Ripple lawyer John E. Deaton said that he had no doubt that Ripple would come out victorious in the widely publicized legal battle and that the current Supreme Court would quell the “gross overreach” of the SEC in a Twitter post on February 20.
Similar legal battles
Stating that “Ripple’s summary judgment brief is already an extremely well-written appellate brief,” Deaton also argued that the “West Virginia v. EPA case is all you need to read to agree with me.” In the case to which Deaton was referring, the Supreme Court had ruled that the Environmental Protection Agency (EPA) had exceeded its authority in regulating emissions from existing power plants, the regulation which was earlier questioned by multiple states and coal industry companies.
Furthermore, the legal expert quoted Ripple’s general counsel Stuart Alderoty who said that the regulator had lost four out of five of its last cases in the Supreme Court due to the “few that had the courage and resources to fight back against the SEC’s bullying and clinging to stretch legal positions that were not faithful to the law,” in a tweet from February 20.
Responding to a comment under his tweet, Deaton also said the XRP community was lucky to get Judge Analisa Torres presiding over the lawsuit, and that he expected her to deny the SEC’s summary judgment motion and send the case to a jury, which, in his view, would equal a win for Ripple.
As a reminder, Deaton had previously slammed the agency over its “stupidly outrageous” assertions that “a person who acquires XRP in Japan is in a common enterprise with Ripple ‘and all other XRP holders’ and XRP is a security – even though Japan’s own regulator says it’s not,” as Finbold reported.
XRP price analysis
Meanwhile, XRP, the cryptocurrency at the center of this lawsuit, is currently changing hands at the price of $0.39, recording modest gains of 0.16% on the day and 5.59% across the previous week, as it tries to recover from the losses on its monthly chart, which at press time amounted to 2.82%.
It is also important to note that the future price of XRP would likely be heavily influenced by the final outcome of Ripple’s legal battle against the SEC, with the blockchain company’s potential triumph helping to solidify XRP’s legality in the U.S. market and opening up the crypto sector to more mainstream investors and businesses.
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