Jeremy Hogan, one of the most famous attorneys in crypto, has recently tweeted that the eventual result of SEC-Ripple lawsuit aside, the agency could not even succeed through with its summary judgement motion.
In a recent thread on Twitter, amici John E. Deaton, who is represents over 75,000 XRP holders in the court, tweeted that XRP holders made a huge difference in the SEC-Ripple lawsuit as he stated in the amicus brief:
#XRPHolders made a Huge difference. As I say in the amicus brief:
“The SEC’s original intent was to rely on the rank speculation of an alleged expert who failed to interview a single XRP holder before forming his opinions.
— John E Deaton (220K Followers Beware Imposters) (@JohnEDeaton1) November 4, 2022
“The SEC’s original intent was to rely on the rank speculation of an alleged expert who failed to interview a single XRP holder before forming his opinions”.
Deaton noted that SEC initially intended to rely on ‘Expert One’ who was supposed to brief the court that he interviewed XRP holders who believed that XRP, traded on the exchanges, represents an investment contract between them and the SEC. After some litigation between the parties, where SEC even tried to stop him from filing the ‘amicus brief’, Deaton added, the agency gave up on ‘Expert One’.
Deaton stated that SEC’s reversal 9f stance speaks volumes as the documents show that the agency chose not to rely on ‘Expert One’ later, which is a fatal blow to the agency.
Later, according to the amici, the ‘Expert One’ even admitted the people who purchased XRP, did not do it because they relied on something Ripple had to with token’s by, but simply because the coin was listed among the top 10 cryptocurrencies in the world and was available at a much lower price.
Retweeting the thread Hogan stated that in order to win the summary judgement motion, where the Howey test is of crucial importance, the SEC is simply required to do two things. Firstly, all the elements of the test have to be proved with greater weight of evidence and secondly they must prove that there is no dispute among the parties on material facts.
Why the SEC cannot meet its burden on (at least) one element of the Howey test.
In order to win at Summary Judgment, the SEC has to do two things:
1. Prove every element by the greater weight of the evidence AND
2. Prove that there is no genuine dispute of a material fact. 1/ https://t.co/CzCFzCSahE
— Jeremy Hogan (@attorneyjeremy1) November 6, 2022
Stating that because Ripple has provided to the court the hard evidence that XRP investors do not believe that they rely on Ripple for an increase in XRP’s value, how can the court ignore this while granting the summary judgement and for that reason, the attorney concluded, that only the agency could not win the lawsuit but they will fail to even succeed with the summary judgement.