Deaton: Ripple's SEC Woes Could've Been Dodged with Right Law Firm

Main topic: Coinbase's motion to dismiss SEC lawsuit Key points: 1. Coinbase claims it does not offer "investment contracts" and therefore the SEC has no authority over its operations. 2. Coinbase cites a separate SEC case involving Ripple Labs' XRP, where a judge ruled that it was not considered a security when sold on exchanges. 3. A different judge disagreed with the Ripple ruling in a case against Terraform Labs, allowing the SEC to proceed with claims involving sales made on exchanges and allegations of fraud.

Top executives from Ripple, Brad Garlinghouse and Chris Larsen, have provided their availability for the upcoming trial in 2024 in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), as the SEC appeals the court's ruling that XRP is not a security.

The Securities and Exchange Commission's (SEC) chances of defeating Ripple in court are slim, as experts believe the court has thoroughly studied all arguments over the years and is unlikely to overturn its previous decision. If the SEC does succeed, it could have significant implications for the crypto market, leading to many companies relocating out of the United States and a decline in cryptocurrency prices.

Two more attorneys have withdrawn from representing the US Securities and Exchange Commission (SEC) in its lawsuit against Ripple over XRP offerings, leading to speculation that lawyers are leaving in anticipation of the regulator losing the case.

The U.S. Securities and Exchange Commission (SEC) has revealed that the trial for the case against Ripple Labs is scheduled for April 2024, while three attorneys from the SEC's legal team have left the case, leading to speculation about their motivations.

Prominent lawyer and founder of CryptolawUS, John Deaton, criticizes the SEC for charging Ripple CEO Brad Garlinghouse and argues that if former SEC leaders had testified earlier, the entire situation could have been avoided.

Attorney John Deaton addressed the importance of accountability within regulatory bodies, emphasizing the need to hold both current and previous figures responsible, such as Gary Gensler and Jay Clayton, to maintain fairness and consistency in regulatory actions, particularly in relation to the "Safe Harbor" proposal for cryptocurrencies. Deaton also discussed the complexities of the Ripple legal case and the potential influence it may have on the SEC's approach to other cryptocurrencies, highlighting the urgency of regulatory clarity in order to prevent financial harm in the industry.

Uphold CEO Simon McLoughlin discusses the impact of the SEC vs. Ripple case, upcoming product launches including Uphold Vault, and plans for institutional and enterprise adoption.

Judge Analisa Torres is expected to reject the SEC's interlocutory appeal regarding the Ripple case, potentially delaying a complete appeal until late 2024, according to attorney John Deaton, who believes the judge made a fair decision based on applying the Howey test to each charge brought by the SEC. Deaton also discussed the challenge of holding regulators accountable due to qualified immunity.

Ripple attorneys are preparing for the SEC's appeal in the lawsuit, with a focus on the Howey Test and former SEC official William Hinman's speech, while XRP is at risk of closing September with losses based on historical trends and struggles to start an upward trend.

Ripple argues that the SEC does not have sufficient grounds for an appeals court to intervene in their legal dispute, as there are no significant legal questions at hand and an appeal would not expedite the resolution of the case.

Ripple opposes the SEC's request for an immediate appeal in the recent lawsuit ruling, arguing that the appeal does not meet the necessary requirements and will only prolong litigation.

A California judge rejected a lawsuit against Curve Finance CEO Michael Egorov, filed by three venture capital firms, stating that the alleged misdeeds took place outside of California and should be pursued in Switzerland, where a breach-of-contract case is already ongoing.

The U.S. SEC is seeking an appeal in the Ripple Labs lawsuit, arguing that there are contentious legal issues surrounding the court's application of the law and the Howey Test that warrant a review. The SEC is requesting a stay on proceedings until the resolution of the appeal.

Ripple's chief legal officer criticizes the SEC's latest submission as a "contradictory shift" and highlights SEC Chair Gary Gensler's inconsistency and appetite for expanded regulation.

Ripple Labs' legal counsel accuses the SEC of hypocrisy for seeking an appeal in the recent XRP court ruling after claiming that the rules were clear and must be followed.