Last Updated on November 7, 2022 by Bitfinsider
John E. Deaton, who represents over 75,000 XRP investors in the litigation, was quoted by Hogan. After denying Deaton’s application to intervene, Judge Torres permitted the filing of amicus papers.
Last week, Deaton filed his amicus brief on behalf of all XRP investors. Over 3,000 members of Deaton’s group took advantage of the opportunity to file an affidavit.
Hogan asserts that the SEC will be unable to achieve its burden of proof “on at least one prong of the Howey test.” Here, Deaton and the XRP investors whose opinions have been heard in court play an essential role.
Hogan continued by explaining that the SEC needs accomplish two things for the summary judgment motion to succeed. First, the plaintiff must “prove every element by a preponderance of the evidence AND establish that there is no real disagreement about a substantial fact.”
This factual argument, however, rests on very flimsy foundation. Specifically, it is argued that XRP investors purchased the token based on Ripple’s guarantee of a price increase.
The SEC relies entirely on a few assertions from the technology firm and a few investors. The SEC’s own subject matter expert has let it down.
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