According to attorney John Deaton, some important things were not included by the United States Securities and Exchange Commission (SEC) in its recently filed motion for summary judgment.
Both parties have moved for summary judgment, a request to conclude a court action without a full trial. The SEC sued Ripple in December 2020 because the payments company allegedly issued XRP as an unregistered security.
Read Also: Jeremy Hogan Explains Ripple-SEC Summary Judgment Motions, Says Ripple Pulls the Rug
Deaton, who represents more than 70,000 XRP investors in the legal dispute, informed his 214,000 Twitter followers that the SEC did not include expert testimony to prove that Ripple’s actions indeed impacted the price of XRP in the market.
Secondly, Deaton stated that the SEC did not include any expert testimony that claims XRP investors were lured by Ripple to buy the digital token XRP.
Lastly, the attorney revealed that there is no expert testimony claiming XRP Ledger (XRPL) is centralized or solely governed by Ripple.
Deaton thereby concluded that the SEC excluded all these vital expert testimonies to play safe. He stated that the regulator probably thinks Ripple has strong Daubert challenges.
John Deaton noted:
“There is NO SEC expert testimony claiming XRP Holders relied on the expertise, skill or management of the Ripple team OR expert testimony claiming XRP Holders were led by promises and inducements made by Ripple, before acquiring XRP.
Read Also: Ripple Gains New Legal Support In its Quest to Prove XRP is Not a Security
“There is NO SEC expert testimony claiming that the XRP Ledger Network is centralized and/or controlled or managed by Ripple. We could get a decision from Judge Torres any day on the Daubert Motions, challenging the SEC’s and Ripple’s experts.
“Considering that the SEC decided to NOT rely on its experts is a sign that Ripple probably has some strong Daubert challenges and the SEC couldn’t risk relying on it. We know Expert 1 didn’t interview a single XRP Holder and his/her testimony was simply not credible.”
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