XRP Legal Battle: SEC’s Errors, Ripple’s Advocates

John E. Deaton, an attorney for XRP, argues that the U.S. Securities and Exchange Commission made an error by charging Ripple CEO Brad Garlinghouse with aiding and abetting.

In US SEC v. Ripple Labs, testimony from former SEC officials Bill Hinman and Jay Clayton would have classified XRP as a non-security in the first year of the proceedings. Still, the SEC purposefully denied it for years.

The Digital Asset Investor stated that he would have summoned Lowell Ness and Chris Dixon as first witnesses in the Ripple vs. SEC case, along with former SEC officials Jay Clayton and Bill Hinman.

Jay Clayton delegated executive leadership for the Ethereum Free Pass Speech.

“I have a feeling they could provide great material insight into the thinking at the SEC around crypto securities issues at the time.”

John E. Deaton, an advocate for XRP, concurred that Hinman must testify. In addition, it was impossible to compel a former SEC chair to stand trial.

However, he believes the SEC made an error by charging CEO Brad Garlinghouse. Jay Clayton wished to register a personal complaint against executives in a “non-fraud” case.

He argues that Jay Clayton is an important witness who should testify in court. After the Hinman speech, Clayton met with Ripple’s CEO and CTO, where Brad Garlinghouse stated, “Ripple is living in purgatory.

Neither Clayton nor Hinman, however, replied that XRP was a security.

A clarification from Clayton and Hinman would have reduced litigation costs and expenses, saved time, and increased cryptocurrency adoption.

Judge Torres’ ruling that XRP is not a security has not stopped the SEC from attempting to reverse the situation.

Earlier reports indicated that the XRP price could decline to $0.42 if whales and traders do not amass at the $0.50 support.

As the price proceeded to break support levels, a whale transferred more than $20 million in XRP to exchanges.

Over the past 24 hours, the price of XRP has increased by 2% and is currently trading at $0.52.

The 24-hour minimum and maximum values are $0.508 and $0.529. However, trading volume has decreased over the past 24 hours.