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Bill, a supporter of Nears and legal expert, claimed that the SEC has not presented a compelling case
John Deaton, the creator of CryptoLaw, thinks Ripple might profit from the SEC's vagueness
A final hearing date will shortly be made public
On Twitter, a Ripple supporter and legal professional going by the handle "Bill" has discussed the SEC's response to the defendant's petition to dismiss. According to him, the SEC has not presented a compelling case against Ripple and would be better served if it pursued specific Ripple sales or XRP offers.
The remarks follow the SEC's opposition to the Ripple Defendants' move for summary judgment in the current litigation. Last but not least, Bill criticized the SEC for pursuing "an outrageously wide case of targeting all XRP sales or offers for eight years, even in secondary marketplaces."
According to CryptoLaw founder John Deaton, the SEC's ambiguity may work to Ripple's advantage. In his answer to Bill, he claimed that the SEC's failure to provide "any particular sales with contracts" was to Ripple's advantage and claimed that, even if it may have been to an approved investor, it was a ruse to access the secondary market.
However, Bill finds holes in the SEC's legal justification because it misrepresents Ripple's attempt to create a vague legislative language. By making reference to pre-1933 blue sky law rulings, "investment contract." He can only come up with two solid justifications for the SEC.
The fact that the term scheme is so constrained might be a drawback for Ripple. According to Ripple, the word "transaction or plan" just requires the court to take the instrument's larger context into account.
The SEC notes that Ripple does not offer any evidence to support this claim. Second, the SEC emphasizes that Section 5 of the Securities Act forbids both sales and unregistered offers.
The Ripple case's upcoming crucial dates are anticipated to be disclosed soon. On October 24, the parties made copies of their opposing papers that had been redacted public. On October 24, some of the exhibit's components went on display. The parties have until November 21 to submit publicly redacted versions of their reply briefs.
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