Ripple Vs SEC: XRP Lawyer Backs Affected Amicus with Investment

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The legal battle between Ripple and the SEC has been ongoing for more than two years, leaving many eagerly awaiting the final ruling from Judge Analisa Torres. However, the exact timing of the ruling remains uncertain, adding to the suspense surrounding the case. The lawsuit has had a significant impact on Ripple, directly influencing the price of its cryptocurrency, XRP, and causing repercussions for businesses associated with it in the long term.

Amidst this legal battle, attorney John Deaton, a strong advocate for XRP, has expressed his intention to invest in one of the Amicus Curiae briefs in support of XRP in the lawsuit.

Deaton Identifies Potential in SpendTheBits for XRP Lawsuit

Attorney John Deaton, representing XRP holders, recently discovered SpendTheBits during his search for developers on the XRP Ledger (XRPL) who had not received any funding from Ripple. Interestingly, Deaton clarified that Ripple, along with its executives Brad Garlinghouse and Chris Larsen, was unaware of SpendTheBits and its application.

In 2022, SpendTheBits filed an amicus brief in support of the defendants in the XRP lawsuit, and it was granted by U.S. District Court Judge Analisa Torres. According to Deaton, this amicus brief serves as a strong example that exposes a significant flaw in the SEC’s argument. He believes that Judge Torres may even refer to it in the Summary Judgment.

Deaton emphasized that TapJets and SpendTheBits can potentially dismantle the SEC’s “common enterprise” argument, making them crucial examples in the case. He sees SpendTheBits as a significant player in the future and expressed his intention to be the first outside investor when the company is ready to raise funds.

In Conclusion

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 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.

With attorney John Deaton expressing his intention to invest in SpendTheBits and support its growth, the future potential of this company becomes even more promising.