In a recent Video for CryptoLawUS, John Deaton, the well-known lawyer and representative of XRP holders in the SEC vs Ripple lawsuit, discusses the unease of waiting for a final ruling. Deaton recognises that people are making assumptions and expressing annoyance at how long the case has strung.
Drawing on his own experience, Deaton states, “Well, today I was working on a case that was filed in 2018 by me; there’s like three of these cases. That’s 2018. It was five years ago. And so, this delay is normal to me because it’s the civil justice system.”
Deaton emphasized the situation’s complexity by highlighting that Ripple and the SEC made multiple moves for summary judgment in the case’s reply briefs and objections to one another’s motions. Additionally, the case is complex and involves hundreds of pages of arguments for the judge to go through.
Six months ago, the response briefs were due; on March 6th, a Daubert motion was also submitted, dealing with expert witnesses’ admissibility. It was highlighted that the judge’s summary judgment rulings had occurred anywhere from the same day as the Daubert decision to six months subsequently, based on earlier rulings she issued in related instances.
To dispel the myth that this case is taking much longer than her prior ones, it was anticipated that the decision, in this case, could be made by September 6th. The judge is probably taking the time to thoroughly consider her ruling, given the significance of this case and the scrutiny it will receive from numerous parties, including appellate courts.
Regarding the length of the case, the famous lawyer argues that this case, which fills a regulatory gap, is a first impression case because no other cases have addressed secondary sales in this way. Fifteen amicus briefs have also been submitted, underlining the case’s importance for international trade, finance, and U.S. economic policy.
It should be noted, according to Deaton, that Judge Torres has a wide range of duties and objectives while managing over 500 outstanding cases, including 44 criminal cases. Despite some claims to the contrary, it is critical to acknowledge the importance of each case on the docket, even those involving defendants who face harsh penalties.
Deaton dismisses the idea of anything nefarious occurring in this case as absolute nonsense. While some have argued Judge Torres is on the SEC payroll and that she is doing an inside job, Deaton strongly questions why the Judge would have ruled against the SEC at all then, for example, by ordering them to release the Hinman emails.
“OK, so if she was corrupt and on the SEC’s payroll, she would have never released the Hinman emails that they fought so desperately to keep private.” He said on the matter.
While Deaton pointed out that he was happy with the appointment of Judge Netburn and Torres, he said that he did not have to agree with every decision they made but that they were fair overall. He cited the exclusion of an SEC witness who claimed to speak for XRP holders yet had never even spoken to one.
He said: “Are you really going to sit there and say oh she just did that to give an appearance that she’s fair. Come on like let’s join reality. Get out of the metaverse and let’s get back into reality. Please. It’s not.”
Finally, Deaton concluded that if the decision is in Ripple’s favour, the SEC may submit a notice of appeal; if it is in the SEC’s favour, the SEC may still decide to appeal or negotiate with Ripple.
Given the importance of the case and the likelihood that it will go to the US Supreme Court, the judge would take the much-needed time before making a final ruling, aware that the Second Circuit and other high-ranking judges will be closely examining it.
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