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Pro-Ripple lawyer exposes SEC’s lack of legal precedent in XRP case

Pro-Ripple lawyer exposes SEC’s lack of legal precedent in XRP case

While the cryptocurrency community awaits the release of controversial documents as part of the lawsuit that the United States Securities and Exchange Commission (SEC) has filed against blockchain company Ripple, a lawyer has highlighted the agency’s lack of evidence to support XRP as an investment contract.

Indeed, legal expert and Ripple’s amicus curiae John E. Deaton had earlier challenged the SEC to produce a single legal precedent that could relate to the case of Ripple and XRP, and the agency had failed to do that, just as he expected it would, he said in a Twitter post shared on June 7.

Specifically:

“I challenged the SEC in my amicus brief to cite a single case from any court EVER that found an investment contract between a purchaser (e.g. individual XRP holder) and a promoter (e.g. Ripple) when there existed no privity (no contact whatsoever) between that promoter and purchaser. I challenged the SEC to cite a single case because I knew they couldn’t – And they didn’t.”

Earlier this year, Deaton expressed confidence that Ripple would come out victorious in the widely publicized legal standoff, as he commented on the SEC’s “gross overreach,” he expected the US Supreme Court would address, as Finbold reported on February 21.

XRP stands strong

Meanwhile, XRP is one of the few cryptocurrencies that have remained continuously in the green zone amid the drama sparked by the SEC’s lawsuits against crypto trading platforms Binance and Coinbase, while the rest of the crypto market, at best, struggled to retain positive momentum.

In fact, at press time, it was changing hands at the price of $0.52, demonstrating an increase of 2.07% on the day, as well as growing 20.34% across the previous week and as much as 33.49% on its monthly chart, as per the latest data retrieved on June 7.

On top of that, XRP looks to be preparing for a “major price upswing,” according to the crypto expert Ali Martinez, who referred to the notable spike in the number of new XRP addresses on the blockchain as one of the key indicators of a digital asset’s future price direction.

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