The U.S. Securities and Exchange Commission (SEC) recently gave up on its claims by handing over theĀ Hinman Speech documents to Ripple and defendants. However, a lawyer associated with the Crucial XRP lawsuit has stated that there are certain things mentioned in the SECās filing that favor Ripple.
Did SEC go for weak claims in XRP lawsuit?
John Deaton, Amicus Curiae and XRP holderās lawyer in the Ripple lawsuitĀ highlighted weak claimsĀ in the commissionās filing. He stated that there is good news for Ripple as SEC hasnāt offered any specific sales with contracts.
However, it is alleged that sales may be done to an accredited investor as it was a subterfuge to get to the secondary market, he added. Deaton specified that there are no specific transactions mentioned, the SEC has just submitted all transactions.
The SEC hasnāt cited any of Rippleās specific sales in the XRP lawsuit which some included contracts.
US Watchdog opted wrong approach?
As per the lawyers, the Commissionās argument is just a āBut Forā argument. For Ripple founders building XRP and selling some of it and giving it away created the secondary market. Therefore but for Rippleās efforts, none of that would have occurred. While all sales of XRP are because of just Ripple.
Deaton suggested that this is a dangerous argument as later on it can be said that āBut Forā Satoshi Nakamoto Bitcoin wouldnāt exist.
Earlier, Coingape reported that theĀ SEC filed its Memorandum in Opposition to Ripple. This happened the same day the Hinman speech related documents were handover to Defendants.
The XRP holdersā lawyer went on to advise that if the SEC would have pleaded this case differently then they might have been successful. The US watchdog adopted the all or nothing approach in the XRP lawsuit which can prove to be a problem for them.