A win for Ripple, a loss for the digital asset industry, or a settlement between the US SEC and defendants, every crypto enthusiast is waiting for an outcome in the long running XRP lawsuit. However, an attorney involved in the XRP lawsuit has stated that there is a possibility that the judge can reject both the Summary Judgment.
XRP lawsuit to go for Jury trial?
John Deaton, representing XRP holders (Amicus curiae) in the Ripple lawsuit affirmed that US SEC’s argument around the common enterprise can be a point of interest here. He added that Judge Analisa Torres could deny the summary judgment over this particular argument.
This can lead the Judge to rule out that there is a genuine issue of material facts compared to the existence of a common enterprise. However, then the SEC Vs Ripple lawsuit will go to a jury trial. Meanwhile, it is still difficult to predict the outcome until the Rule 56 facts and the rest of the underlying evidence are revealed.
XRP lawyer highlighted that the commission claims are unconstitutional as they expand the Howey test beyond recognition. However, the SEC in its response to the writ of Mandamus agreed that the court will decide whether the commission’s theory is valid or not.
In the lastes course of action, Deaton mentioned that the application of the Howey test is not difficult to analyze.
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