• 16 July, 2024
News

Deaton: SpendTheBits Lawsuit Shows How Flawed SEC’s Case Against Ripple Is

John E. Deaton, a prominent cryptocurrency attorney who is also a huge supporter of Ripple, has said that the action against crypto wallet SpendTheBits demonstrates how faulty the SEC’s case against Ripple is.

In addition, Deaton stated that the Ripple case has seen a total of 15 amicus briefs filed, and if Judge Torres were to inform him that she was only going to read one amicus brief but that she would allow him to choose which one she reads, he would advise her to read the SpendTheBits amicus brief with great attention.

The notorious dispute between Ripple and the SEC is drawing closer to a resolution, and the crypto payments company has now announced the appointment of a new president. Ripple has announced in a recent article on the business blog that Monica Long, who now serves as the company’s general manager and senior vice president, will be elevated to the position of president.

Even if the present climate for cryptocurrencies is difficult, Ripple CEO Brad Garlinghouse noted that Long has been instrumental in guiding the company to a unique point of development and financial health.

He went on to say that during the years, she has proven to be an invaluable source of advice for me, and he is really thankful that he will now have the chance to collaborate with her even more closely as she begins her job as president.

The future of cryptocurrency laws, as well as whether or not cryptocurrencies should be treated as securities or commodities, hangs in the balance in the ongoing case SEC v. Ripple in the United States Southern District Court of New York. A decision might be made as early as the first half of 2023.

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