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- Ripple CEO stated that a decision would come within “two to six months” instead of the first half of 2023, lowering expectations.
- Ripple’s chief legal counsel criticized the SEC’s inconsistent stance on what constitutes a “joint venture.”
SEC v XRP
Ripple CLO Identifies SEC’s Illegal Behavior!
The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) in the Southern District of New York is still awaiting Judge Analisa Torres’ decision. Just last week, Ripple CEO Brad Garlinghouse lowered expectations by stating that a decision would come within “two to six months” instead of the first half of 2023.
However, this does not prevent Ripple’s Chief Legal Officer (CLO) Stuart Alderoty from continuing to attack the SEC and expose its illegal legal practices.
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Commenting on a previous tweet by Stuart Alderoty, legal expert John E. Deaton stated that Ripple’s chief legal counsel criticized the SEC’s inconsistent stance on what constitutes a “joint venture.”
Alderoty stated that, as clearly seen in the 1994 case of ‘Revak v. SEC Realty Corp.’, in this case, “whether investors’ fate is tied to the entrepreneur’s efforts is immaterial without a joint venture, and the Howey test is not something that can be ‘easily met’.” This case reveals another fraudulent move by the SEC.
SEC’s Indecisive Arguments
Furthermore, Deaton continued to argue that “the SEC changed its theory and claimed that the entire XRP ecosystem constituted a joint venture, including all XRP holders worldwide, all exchanges listing XRP, and all sellers or companies accepting XRP as payment.”
Deaton also stated that the SEC planned to use a “hired gun” to impose such an exaggerated claim, stating that “all XRP holders had to trust Ripple,” but that “XRP holders stopped this nonsense, and the judge rejected this expert’s nonsense-filled opinion.”
Finally, the lawyer criticized the SEC for its “crazy argument” and constantly changing, “schizophrenic defense,” emphasizing:
“So what did the SEC claim next? Once again, it changed the joint venture theory and abandoned the entire XRP ecosystem theory, moving to a new theory: XRP itself represents the joint venture!”
Lawyer Bill Morgan agreed with Deaton and stated that the court should criticize the SEC not only for failing to meet the joint venture point but also for other issues in the case, “if justice is to be served.”
Current Status of XRP Price!
At the time of writing, the XRP price is trading at $0.4270 and has been holding above the $0.4131 main support level for the past few days. If this support level is breached, it means that the XRP price will return to the trading range from the beginning of 2022 to the middle of 2023, and it is a signal that bulls should definitely avoid.
XRP/USD Daily Price Chart