XRP Lawsuit News: The lawsuit action filed by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs and its two executives has directly affected XRP prices and businesses linked to it in the long run. However, the XRP holders’ lawyer expressed that he intends to invest in one of the Amicus Curiae in the XRP lawsuit.
XRP Lawyer Offers Support
Attorney John Deaton, XRP holders’ lawyer mentioned that he found SpendTheBits in the search of developers on the XRP Ledger (XRPL) who hadn’t received any kind of funds from Ripple. He added that Ripple and its executives Brad Garlinghouse, and Chris Larsen were unaware of SpendTheBits and its app.
SpendTheBits had filed an amicus brief in the XRP lawsuit in support of the defendants back in 2022. The U.S. District Court Judge Analisa Torres granted the request. The attorney believes that this Amicus Brief was the best example that demonstrated a major flaw in the US SEC’s theory. He expects that it could also be cited by Judge Torres in the Summary Judgment.
Deaton highlighted that TapJets and SpendTheBits can prove to be the best example to destroy the SEC’s common enterprise argument. He believes that STB can be a big deal ahead. The attorney offered that if allowed, he intends to be the first outside investor whenever the company is ready to raise money.
