SEC Seeks Time Extension to Object Attorney Deaton’s Request to Represent 67K Ripple (XRP) Holders

SEC Don’t Want Deaton’s to Represent 67K Ripple (XRP) Holders.

The Securities and Exchange Commission (SEC) is requesting an extension of time in order to file an objection to the recent amici request by attorney John Deaton.

Recall that attorney Deaton is seeking to represent 67,300 XRP holders in the ongoing legal battle between the agency and Ripple.

According to the SEC’s motion, it wants the court to extend the deadline until June 7, 2022, in order to enable the agency to properly file an objection to attorney Deaton’s request.

The Securities and Exchange Commission acknowledged that its objection motion is expected to be ready by May 30, 2022. However, based on the upcoming Memorial Day holiday, its objection motion will be ready on or before June 7, 2022.

Ripple and Attorney Deaton Do Not Oppose

“Defendants have informed the SEC that they have no objection to this extension request, as long as the SEC agrees that any response by Defendants will be due by Friday, June 10, 2022. The SEC has no objection to this proposed deadline,” an excerpt of the motion reads.

In addition, the Amici attorney does not object to its request for a time extension.

The development was recently shared by attorney James K. Filan.

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a motion for extension of time until June 7, 2022 to file objection to amici request to participate in briefing regarding the expert challenge. pic.twitter.com/ZCxhqv8OAW

— James K. Filan ????96k+ (beware of imposters) (@FilanLaw) May 24, 2022

Attorney Deaton’s Upcoming Brief

Meanwhile, the bone of contention is a recent motion filed by attorney Deaton, who is seeking to represent 67,300 XRP holders in the Ripple v. SEC lawsuit.

Attorney Deaton’s upcoming brief seeks to respond to one of SEC’s testifiers, Patrick B. Doody, who is expected to tell the court what motivated XRP holders to buy the cryptocurrency during the 2013 ICO.

While it is not clear what Doody would state in his expert testimony, based on the Telegram v. SEC lawsuit, Doody is expected to say that Ripple investors were motivated by the fact that they would get huge returns in the future when they purchased the token.

If this claim stands, then Ripple’s 2013 XRP sale will be considered a security and the case would be concluded, with the blockchain company slammed with a series of sanctions.

Although attorney Deaton was granted amici status earlier in the case, he still needs approval from the court to file briefs at any point in time.

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