The SEC has submitted the hotly contested Hinman affidavit as ordered by the court, but John Deaton, the attorney for Ripple, has gathered the testimonies of numerous XRP coin holders. According to the update provided, the court will learn two key facts from the XRP owners' testimony.
The SEC has submitted the hotly contested Hinman affidavit as ordered by the court, but John Deaton, the attorney for Ripple, has gathered the testimonies of numerous XRP coin holders. According to the update provided, the court would learn two key facts from the XRP owners' testimony.
The XRP holders would first attest that they did not acquire the token as a commodity for sale but rather for payments and non-investment purposes. Second, those who purchased the coins acknowledged the fact that, if they were anticipating any benefits in light of the claim regarding its security status, they anticipated such advantages to result through price growth over time.
The declarations from these XRP holders are seen as the concluding component by another lawyer, Jeremy Hogan.
In addition to the XRP users it has gathered over the past few months, Ripple has begun taking its defense against the SEC to new heights. The company has received testimonies from its collaborators demonstrating how they are all using the XRP coin and how Ripple is assisting in the facilitation of payments across the board.
In December 2020, the SEC sued Ripple for $1.3 billion, alleging that the blockchain payment company was engaged in the selling of XRP securities. Legal experts have pointed out the regulator's poor defense of the company from the beginning, and Ripple has done all in its capability to ensure that the SEC would lose the case in order to avoid precedent being set that will be difficult to change in the cryptocurrency business.
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