Crypto lawyer criticizes the SEC Ripple law
Crypto lawyer criticizes the SEC Ripple law
ripple The GAO Brad Garlinghouse announced on Monday Ripple Labs will issue around $ 200 million for attorney costs to ward off an aggressive second lawsuit. But a lawyer and crypto bull explains why the case is not valid.
John Deaton, the founder of Crypto Law and owner of the law firm Deaton, recently described the reason for the lawsuit as cosmically "far-fetched" and strictly reduced the second. He
Deaton argues that the SEC had overrated its case to a ridiculous extent. He mocked the claim of the Securities and Exchange Commission on XRP sales:
"The XRP theory of the SEC is so far-fetched, it travels through space and time into the future and captures all kinds of future sales, even in distant countries ... The scope of the Howey Argument of the Sec is so extensive that it is really indefinable." in the room or in time. ”
In the worst case, the SEC lawsuit is Ripple, on the other hand, failed to give legal authority or a precedent in order to justify its definition of XRP as security. Instead, Deaton claims that the commission applies to a too far -made, essentially meaningless definition of security for XRP.
ripple Labs make $ 200 million for defense
Ripple CEO Brad Garlinghouse spoke about the XRP Las Vegas 2023 event this weekend. His comments were a great hug of the community for their support during the process.
Garlinghouse announced to CNBC for the first time on Monday that his company has previously paid $ 200 million to defend himself against the Sec. During a fireplace interview with Dan Murphy on the Dubai Fintech Summit, the Ripple CEO said:
Together with the SEC-this is the first time that I share it publicly-until everything is said and did, we spent $ 200 million to defend ourselves against a lawsuit that thought people from the beginning: Well, that doesn't make much sense. "
The message about the enormous sum of right -wing defendants triggered mixed reactions. While some in the ripple the work of the company praised the work of the company for a defense against strict regulations, others, such as the crypto youtuber Lark Davis, said that it was too much money and a waste of resources.
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