Ripple vs. SEC Lawsuit: Attorney John Deaton’s Discovery Unveils Potential Game-Changer

XRP advocate attorney John Deaton’s discovery of SpendTheBits introduces a potential game-changer in the Ripple vs. SEC lawsuit, challenging the SEC’s argument and potentially influencing the outcome.

Highlighting Points

  • XRP advocate attorney John Deaton discovers SpendTheBits, a potential game-changer in the Ripple vs. SEC lawsuit, unbeknownst to Ripple and its executives.
  • SpendTheBits previously submitted an amicus brief supporting XRP defendants, exposing a flaw in the SEC’s argument, potentially referenced by Judge Analisa Torres.
  • Deaton highlights TapJets and SpendTheBits as crucial examples that could dismantle the SEC’s “common enterprise” argument in the case.
  • Deaton expresses intention to invest in SpendTheBits, reinforcing its future potential and signaling significant implications for the ongoing legal battle

The Ripple vs. SEC lawsuit has captivated the cryptocurrency community for over two years, with the final ruling by Judge Analisa Torres anxiously awaited. The case has had a profound impact on Ripple and its cryptocurrency, XRP, leading to significant price fluctuations and long-term repercussions for affiliated businesses. Amidst this legal battle, XRP advocate attorney John Deaton has made a groundbreaking discovery and expressed his intention to support an amicus brief that challenges the SEC’s argument.

Deaton Identifies Potential in SpendTheBits for XRP Lawsuit

Attorney John Deaton, representing XRP holders, recently came across SpendTheBits during his search for XRP Ledger (XRPL) developers who hadn’t received any funding from Ripple. Interestingly, Deaton clarified that neither Ripple nor its executives Brad Garlinghouse and Chris Larsen were aware of SpendTheBits and its application.

In 2022, SpendTheBits submitted an amicus brief in support of the XRP defendants in the lawsuit, subsequently granted by U.S. District Court Judge Analisa Torres. According to Deaton, this amicus brief serves as a compelling example, exposing a flaw in the SEC’s argument. Deaton believes that Judge Torres may even reference it in the Summary Judgment.

Deaton emphasized the significance of TapJets and SpendTheBits in potentially dismantling the SEC’s “common enterprise” argument, making them crucial examples for the case. He views SpendTheBits as a key player in the future and expressed his intention to be the first external investor once the company is ready to raise funds.

Attorney John Deaton’s discovery of SpendTheBits and its involvement in the Ripple vs. SEC lawsuit has introduced a potential game-changer to the ongoing legal battle. With the filing of an amicus brief and its subsequent grant by Judge Analisa Torres, SpendTheBits has emerged as a significant example that challenges the SEC’s argument and exposes a flaw in their case.

Conclusion

Deaton’s intention to invest in and support the growth of SpendTheBits adds weight to its promising future potential. As the lawsuit continues, the ripple effects of this new development will undoubtedly be closely monitored by cryptocurrency enthusiasts and market participants alike.