A Twist In XRP Lawsuit Summary Judgment?

A win for Ripple, a loss for the digital asset industry, or a settlement between the US SEC and defendants, every crypto enthusiast is waiting for an outcome in the long running XRP lawsuit. However, an attorney involved in the XRP lawsuit has stated that there is a possibility that the judge can reject both the Summary Judgment.

XRP lawsuit to go for Jury trial?

John Deaton, representing XRP holders (Amicus curiae) in the Ripple lawsuit affirmed that US SEC’s argument around the common enterprise can be a point of interest here. He added that Judge Analisa Torres could deny the summary judgment over this particular argument.

This can lead the Judge to rule out that there is a genuine issue of material facts compared to the existence of a common enterprise. However, then the SEC Vs Ripple lawsuit will go to a jury trial. Meanwhile, it is still difficult to predict the outcome until the Rule 56 facts and the rest of the underlying evidence are revealed.

XRP lawyer highlighted that the commission claims are unconstitutional as they expand the Howey test beyond recognition. However, the SEC in its response to the writ of Mandamus in the XRP lawsuit agreed that the court will decide whether the commission’s theory is valid or not.

SEC over focusing on tokens?

In the last course of action, Deaton mentioned that the application of the Howey test is not difficult to analyze. He added that attorneys involved in Crypto litigation and regulatory policy must get regulators and judges to cease focusing on the token. However, the token itself stands irrelevant to the Howey analysis, the attorney stated.

As per the reports, SEC Commissioner Hester Peirce criticized the other officials for focusing too much on the token.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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