John Deaton, a pro-Ripple attorney, recently predicted a successful outcome for the cryptocurrency industry’s campaign for regulatory clarification from the US Securities and Exchange Commission (SEC).
Deaton expressed support for Coinbase’s Writ of Mandamus, which is another official step towards requesting regulatory clarification from the SEC for the cryptocurrency sector, as was previously reported.
In recent tweets, the inventor of CryptoLaw said that he has reviewed the Coinbase Writ of Mandamus, which he claims is still on track. Thus, he expects that cryptocurrency would triumph, recalling his former forecast that Grayscale will triumph in regards to a BTC spot ETF.
Deaton continues to believe that the crypto business will prevail in court, as he did prior. He cites two arguments for why he thinks cryptocurrency will triumph. The first is that the SEC does not have the law on its side. Second, the evidence the SEC has produced over the past six years places it in the wrong.
Deaton said that SEC attorneys lacked the required amount of good faith in their argument that XRP secondary market sales, which were made wholly independently of Ripple, were also securities.
According to what was stated, Deaton said he had no doubt that Ripple will prevail in the Supreme Court and that the SEC’s egregious overreach would be stopped. He claims that Ripple’s brief for summary judgement is already a very strong appeal brief.
In six instances before the Supreme Court, the regulator has already suffered five defeats; the most recent being SEC v. Cochran, which was decided on April 14. Stuart Alderoty, the general counsel at Ripple, recently used Twitter to draw attention to the SEC’s string of Supreme Court defeats.
In addition to Deaton, pro-Ripple lawyer Jeremy Hogan also feels that Ripple should win the lawsuit given the scant evidence offered by the SEC and the vast majority of evidence showing XRP buyers were not dependent on Ripple’s efforts.
The crypto community is hopeful about the upcoming ruling surrounding the Ripple lawsuit, but is also keeping its fingers crossed for a positive result.
