A pro-XRP advocate has pointed to more casualties and negative consequences the regulator has inflicted on XRP and its investors, as well as individuals and companies associated with the cryptocurrency.
So while Ripple has stated that it has lost more than $200 million in its battle against the US SEC, it appears that this is not the only loss suffered in the long battle.
SEC reportedly damaged 75,000 XRP followers
John E. Deaton, a pro-XRP attorney, has taken to
Deaton is one strong advocate for XRP since the battle against the US SEC began in 2020, and the cryptocurrency enthusiast and lawyer has been actively participating in the community and voicing his opinions positions in defense of cryptocurrency and its value as a global means of payment.
In a recent post, Deaton declared that the US SEC has negatively impacted thousands of XRP investors and users and that these people have been protesting the SEC’s actions towards the ecosystem for three years.
“The SEC has harmed many innocent people in the process. 75,000 investors, users, developers and small businesses have been clamoring for the above for three years,” Deaton said.
According to a civil complaintthe SEC destroyed more than $15 billion in assets owned by innocent holders of XRP who had acquired the token on secondary marketplaces.
Developments in the legal battle of Ripple and SEC
RealClearPolicy (RCPC), a US policy website, recently published an article titled “The SEC Is Not King” on Thursday, September 30.
In a Repost XDeaton acknowledged the article that highlighted key aspects of the Ripple and SEC lawsuit from the time the regulatory body filed court case against the crypto company earlier in 2020, claiming Ripple was selling unregistered security offerings.
Ripple was aggressive defended itself against the SEC and achieved a partial victory after Judge Analisa Torres ruled in Ripple’s favor and rejected the SEC’s claims that the sale of XRP tokens on exchanges constitutes the sale of securities.
In a possible attempt to save its reputation and also gain the upper hand against XRP, it has SEC has filed an interim appeal to reevaluate the judge’s ruling and his case against the token. In light of this, Deaton published a blog post last week entitled “The Irony of Interlocutory Appeal,” challenging the SEC’s appellate ruling to possibly postpone the trial.
The US SEC has also been hit with a blow that could potentially put a dent in its business with XRP. Ripple’s defense team recently uncovered a stack of internal SEC documents and secret positions on the token that could significantly undermine the SEC’s argument that XRP should be treated as a security.
This recent development has heightened the ongoing legal battle between the US SEC and XRP, raising questions about the SEC’s intentions with the crypto industry and its handling of cryptocurrencies.
Token price shows strength to kick off new week | Source: XRPUSD on Tradingview.com
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