In a recent video for CryptoLawUS, John Deaton, the well-known attorney representing XRP holders in the SEC vs. Ripple litigation, talks about the uneasiness of waiting for a final decision. Deaton realizes that people are guessing and resentful of how long the case has been going on.
Speaking from his own experience, Deaton explains, “Well, today I was working on a case that I filed in 2018; There are about three such cases. This is 2018. It’s been five years. And so for me this delay is normal because it is the civil justice system.”
Deaton underscored the complexity of the situation, noting that Ripple and the SEC took several steps in each other’s response letters and objections to each other’s motions to obtain a summary judgment. In addition, the case is complex, requiring hundreds of pages of arguments for the judge to go through.
The reply letters were due six months ago; A Daubert motion was also filed on March 6, addressing the admissibility of experts. It was highlighted that the judge’s summary judgments, based on previous judgments she had rendered in related cases, were rendered between the date of the Daubert decision and six months later.
To dispel the myth that this case is taking much longer than their previous ones, it was assumed that the decision in this case could come by September 6th. Given the importance of this case and the scrutiny it will receive from numerous parties, including appellate courts, the judge is likely taking the time to thoroughly consider her decision.
Regarding the length of the case, the famous lawyer argues that this loophole case is a case of first impressions, as no other case has treated second sales in this way. Fifteen amicus briefs were also filed, emphasizing the importance of the case to international trade, finance and US economic policy.
According to Deaton, it should be noted that Judge Torres has a wide range of responsibilities and goals in managing over 500 outstanding cases, including 44 criminal cases. Despite some claims to the contrary, it’s important to recognize the importance of each individual case, even when it involves defendants who face harsh penalties.
Deaton dismisses the notion that anything bad could happen in this case as utter nonsense. While some have argued that Judge Torres is on the SEC payroll and that she operates an inside job, Deaton strongly questions why the judge would then have ruled against the SEC in the first place, for example by directing it to release emails.
“Okay, if she were corrupt and on the SEC payroll, she would never have released the Hinman emails that they fought so desperately to keep secret,” he said on the matter.
While Deaton stressed that he was pleased with Judge Netburn and Torres’ appointments, he said he did not have to agree with every one of their decisions, but that overall they were fair. He cited the disqualification of an SEC witness who claimed to speak for XRP holders but had never spoken to one.
He said: “Are you really going to sit there and say, ‘Oh, she just did that to make it seem like she was being fair’. Come on, let’s get down to reality. Out of the metaverse and back to reality. Please. It is not.”
In conclusion, Deaton concluded that if the decision goes in favor of Ripple, the SEC can appeal; If it goes in the SEC’s favour, the SEC may still decide to appeal or negotiate with Ripple.
Given the importance of the case and the likelihood of it making it to the US Supreme Court, the judge would take much-needed time to make a final decision, knowing that the Second Circuit and others senior judges will scrutinize him .