John Deaton, crypto lawyer and founder of legal and regulatory digital asset news company CryptoLaw, has praised XRP holders for their support in the ongoing Ripple lawsuit.
In a Saturday tweet, Deaton mentioned that 3,000 XRP holders’ affidavits had been submitted by Ripple. He said that this would make a huge difference since there would be a massive exhibit with hundreds of thousands of pages.
“Exhibit 167 is broken into 26 parts. Although sealed, it has been filed as ECF 655-1-26. When you have a massive exhibit w/hundreds thousands of pages, the system can’t handle all as one exhibit and must be broken up. Looks like 3K XRP Holder Affidavits were submitted by Ripple,” he said in a tweet.
In response to the U.S. Securities and Exchange Commission’s motion for summary judgment, Deaton said that hundreds of exhibits had been filed as Ripple and individual defendants submitted memorandums of law over the past week.
He added that, as of now, there are 440 exhibits filed under seal. “Feel proud. Your voices are being heard. And they call it: Decentralized Justice.”
Monday, October 24, would be a big “reveal” as both Ripple and the SEC are expected to file publicly redacted versions of the opposition briefs. Deaton said that the public would be able to read “limited redacted versions of the opposition,” but not the 56.1 statements, counter statements, exhibits, deposition testimony, and more until next year.
Ripple CEO Expresses “Outrage” Over the SEC for Years-Long Case
In mid-October, Ripple Labs CEO Brad Garlinghouse expressed his “outrage” at the SEC over the years-long lawsuit against Ripple. The regulatory agency filed a lawsuit against Ripple and its executives in December 2020, alleging the sale of XRP constituted an offering of unregistered securities worth over US$1.38 billion.
However, Garlinghouse has claimed that the SEC’s lawsuit was a show of power rather than a legitimate attempt to enforce the law.
“My outrage has grown as the litigation has unfolded,” he said. “There is no recourse, there is no consequence to those that brought this lawsuit. The SEC’s pursuit of a policy objective isn’t about “a faithful allegiance to the law”. It’s about power.”
Garlinghouse also noted there would be no “regard” for those affected by the SCE’s actions, drawing attention to the agency’s blatant lack of concern for individuals and companies that have been hurt by its harsh approach.