XRP token prices pared back profits the week ending Sat, Nov 18. After a wild mid-October run-up from $0.49 to $0.72, XRP fell to $0.61 by Sunday morning Tokyo time.
Meanwhile, the notorious XRP case attorney John Deaton took to X to remind readers that “XRP is a utility token at its core.”
Amicus Lawyer for Ripple Lawsuit Outlines Victory
The thing that drove me nuts was that a few career securities lawyers would argue XRP is a security. I would always counter with “anything can be marketed, packaged and sold as a security, including XRP, but it doesn’t make the asset itself one.”
To me the SEC’s complaint… https://t.co/koPupsFVLh
— John E Deaton (@JohnEDeaton1) November 17, 2023
In a wide-ranging post touching on recent developments in the SEC’s lawsuit, Deaton repeated the “simple logic” behind Ripple Labs’ case that made him confident the blockchain firm will prevail:
“‘XRP is a utility token at its core.’ This was the simple logic that made me so confident Judge Torres would make it clear XRP itself is not a security. She followed the law.”
Moreover, Deaton emphasized the rule of law in the Ripple lawsuit, even if we don’t like the defendants. He said, “It was mind-blowing that other, more experienced securities lawyers didn’t see it like I did. I think it was because they didn’t mind who the Government was going after.”
“That is a dangerous position to take. We can’t turn a blind eye to government overreach just because we don’t like the defendant.” Deaton added.
Where The SEC’s Lawsuit Could Go From Here
Not everyone agrees that the SEC will back down or lose the Ripple Lawsuit to the San Francisco-based tech company. Fox Business senior correspondent Charles Gasparino said Thursday that Ripple’s erstwhile victories are temporary and that XRP holders only “‘won’ for now.”
The Ripple lawsuit is headed for a full trial in the U.S. Circuit Court Southern District of New York in April. Interestingly enough for blockchain watchers, Bitcoin will cut its new supply of BTC in half that same month for the first time in four years.
If the SEC’s lawsuit against Ripple Labs isn’t finally resolved by trial in the SDNY court, it will end up on the Supreme Court’s docket. Both the SEC and Ripple CEO Brad Garlinghouse seem willing to take the fight to the nation’s high court.
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