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Amicus Curiae attorney and CryptoLaw US founder John E. Deaton had this to say,
“Here’s Clayton lighting the American people. Dude’s a total fraud. He VOTED. Of course it’s his decision. As Chairman, he controlled the money and the agenda. If he didn’t want to file the case against Ripple & XRP, on his very last day, before leaving the SEC to go advise One River on its $1B bet on BTC & ETH, he wouldn’t have.”
Deaton went on to say,
“He had the ability to say that since Consensys was represented by his law firm and was brokering the Quorum JPMCoin deal, due to the mere appearance of impropriety and inherent conflicts of interest, he shouldn’t vote for an enforcement action against his law firm’s client’s biggest competitor, and thus, recuse himself. It was his last day at the SEC after-all. Why file the most significant non-fraud enforcement action in modern history and walk out the door to leave for the new Chairman. Why you might ask indeed?”
On Saturday, Ripple CEO Brad Garlinghouse shared his views on a Jay Clayton interview on the Squawk Box, stirring the XRP Community.
Deaton responded to the Garlinghouse reaction, saying,
“You have to remember Clayton, Hinman, and Marc Berger were the driving forces behind filing the cast against Ripple. Clayton was clearly the one who pushed to sue Brad Garlinghouse and Chris Larsen, as he is on video with Joe Grundfest saying that even in non-fraud cases he likes to sue the executives because it changes the dynamics of the lawsuit.”
The timing of the focus on Clayton, Hinman, and the SEC coincides with the SEC and Ripple moving toward a briefing schedule.
SEC v Ripple: November 9 Deadline Approaching
In the ongoing SEC v Ripple case, Judge Analisa Torres ordered both parties to jointly propose a briefing schedule concerning remedies for the remaining charges against Ripple.
Some members of the crypto community believe Ripple has the upper hand in settlement talks. The infamous William Hinman speech and Hinman speech-related documents are a focal point in the SEC v Ripple case. Significantly, the SEC attempted, on at least six occasions, to shield the Hinman-speech-related documents under attorney-client privilege.
Progress to trial would place the documents into public scrutiny.
As background, former SEC Director of the Division of Corporation Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. Hinman’s connection with Simpson Thacher was a contentious issue. Simpson Tacher is part of a group that promotes Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.
The Hinman speech-related documents could feature in any settlement discussions. However, there is concern that the SEC will appeal the Programmatic Sales of XRP ruling. The consensus is that the SEC is expediting the SEC v Ripple case to appeal the Programmatic sales ruling.
Judge Torres previously rejected the SEC motion for interlocutory appeal, forcing the SEC to proceed with the SEC v Ripple case to its conclusion before being able to file any appeals.
Uncertainty about SEC plans to appeal continues to influence XRP price movements. XRP responded to the Programmatic sales ruling, rallying to a July 13 high of $0.9327. However, the threat of an appeal caused XRP to drop below $0.45 before recent gains, driven by progress toward a BTC-spot ETF market.
XRP Price Action
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