Lawyer John E. Deaton for XRP and Coinbase’s Chief Legal Officer Paul Grewal are sure that the SEC’s interlocutory appeal will be denied.
The SEC’s reasons for taking action against crypto companies don’t always make sense, and this applies to the Ripple lawsuit too. In a different case involving Grayscale, judges criticized the SEC’s claims as being random and inconsistent. In the Ripple case, Judge Netburn even used the word “hypocrisy” to describe the SEC’s inconsistent stances.
Deaton Emphasizes SEC’s “Hypocrisy” Comments
XRP lawyer John E. Deaton pointed out that the U.S. SEC’s inconsistent actions are catching the attention of federal judges and members of Congress. He found it interesting that Coinbase’s Chief Legal Officer, Paul Grewal, used the word “hypocrisy” when discussing Ripple’s opposition to the SEC’s interlocutory appeal.
Paul Grewal mentioned that the SEC’s arguments seem to shift from “facts and circumstances” to a “pure question of law” depending on the situation. He applauded the legal team for exposing this inconsistency.
Deaton also highlighted that Judge Sarah Netburn used the same term, “hypocrisy,” when referring to the SEC’s conflicting positions in the Ripple vs. SEC case. Furthermore, judges in the Grayscale lawsuit criticized the SEC’s actions as “random and inconsistent.” The SEC has not provided clear reasoning for rejecting Grayscale’s Bitcoin ETF conversion.
No way IMO.
— John E Deaton (@JohnEDeaton1) September 2, 2023
Previously, shared insights from John E. Deaton and the Wolf of All Streets regarding lawsuits involving Coinbase and Binance. Deaton believed that the Coinbase lawsuit would eventually be thrown out, while he predicted that the Binance lawsuit would conclude with an agreement between Binance and the SEC.
XRP Gears Up for Positive Momentum
XRP’s price dropped below a crucial level of $0.50 but bounced back after Ripple opposed the SEC’s appeal. Many traders and major XRP holders are uncertain about a rapid recovery due to delays in the Bitcoin ETF decision and potential concerns in September.
Ripple recently unlocked 1 billion XRP tokens but locked 800 million, which adds liquidity to the market. Sufficient liquidity could push XRP prices towards $0.60.
In the past 24 hours, XRP’s price decreased by 2%, and it’s currently trading at $0.49. During this period, it reached a low of $0.488 and a high of $0.508.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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