Lawyer John E. Deaton Highlights Where the SEC is Lacking in its Summary Judgement Motion.

Representing thousands of XRP holders, lawyer John E. Deaton has spoken to Fox Business on the matters relating to summary judgement and overall position of the lawsuit.

Speaking to Fox Business’ Eleanor Terrett, lawyer John E. Deaton gave his word regarding the summary judgement. Deaton, who is amici curiae in the SEC-Ripple lawsuit, told Terrett that SEC’s motion for the summary judgement is void as it has no testimony of expert witness on its bases.

Deaton stated that the agency has evidence proving the correlation between XRP’s price action and parent company Ripple’s behaviour. Which effectively means that SEC fails to establish that Ripple had any power over the price action of XRP. He also pointed out that the XRP holders, whome Deaton represents, did not rely on conduct of the Ripple team and skills.

When @EleanorTerrett and I were discussing the @SECGov summary judgment, I didn’t bring up the one thing that stood out the most, b/c I had only read it once, right after reading @Ripple’s brief. I didn’t want to misspeak or be wrong. I’ve now read the @SECGov’s brief a 2nd time. https://t.co/cf8JVCCWKP

— John E Deaton (214K Followers Beware Imposters) (@JohnEDeaton1) September 20, 2022

Deaton added that people did not buy XRP because of the promises made by Ripple and the SEC failed to prove Ripple’s control over the XRP network Ledger, an open source Ledger.

It is notable that Deaton represents thousands of XRP holders in the lawsuit and has the status of amici curiae granted by the court. In his interview what Deaton was actually trying to convey is that there existed no investment contract or any similar thing that affirms SEC accusation that Ripple sold XRP tokens as a security.

Moreover, as the SEC-Ripple lawsuit is nearing its conclusion, with summary judgement around the corner, Ripple’s native XRP is exploding. The coin recently hit the price mark of $0.42, highest since Jun 1st.

Currently trading at $0.40, XRP has emerged as a top gainer among the top 100 mainstream crypto currencies. The coin is up 6% in the day and 19.9% over the week. As a context, besides XRP, APE and CHZ are the only tokens that are up in double digits. All the other altcoins are either in red or have gone up by a much smaller percentage.