Fresh Delay Tactic: SEC Request for another Time Extension to File Objection to John Deaton’s Amici Request

[solodeji]

The United States Securities and Exchange Commission (SEC) has recently filed a motion for an extension of time to file an objection to Attorney John Deaton’s amici request to represent over 65,000 XRP investors in the ongoing lawsuit against Ripple, the San Francisco-based cross-border payment firm.

As earlier reported by TimesTabloid, Attorney John Deaton, the lawyer representing thousands of XRP investors, is seeking permission from the Judge to file a brief regarding the SEC expert who claims to know the motivation of XRP holders when purchasing the digital currency.

According to the recent update from James K. Filan, the SEC has requested a time extension until June 7th to file an objection to the request of XRP holders’ lawyer, a move tagged by many XRP community members as another unpalatable delay tactic from the regulator.

James K. Filan tweeted, “The SEC has filed a motion for extension of time until June 7, 2022 to file objection to amici request to participate in briefing regarding the expert challenge.”

Jeremy Hogan Describes the Significance of John Deaton’s Request

According to Attorney Jeremy Hogan in a video on YouTube, the move is a direct response to the SEC’s interest in bringing in an expert to testify on what XRP holders were thinking when they purchased the 6th largest crypto.

Hogan pointed out that the move could make a difference in the ongoing legal tussle.

Jeremy Hogan noted:

“The judge granted XRP holders amicus status, but they still have to make a request to the judge before doing anything, and here in this motion, Deaton requests leave of court to file an amicus brief in a Daubert challenge relating to the expert opinion of a Mr. Doody. 

“Let’s look at page one…. ‘Amici respectfully requests leave to file an Amicus Brief regarding the opinions of Plaintiff’s expert, Patrick B. Doody. Daubert concerns related to Mr. Doody’s opinions represent the precise nature of the difficult issues envisioned by the court when it granted amici status…

“‘Counsel for amici recently became aware of Mr. Doody’s report regarding the conduct of individual XRP holders such as amici.'”

https://timestabloid.com/ripple-sec-case-sec-request-for-another-time-extension-to-file-objection-to-john-deatons-amici-request/

[Julian_Williams]

It was suggested that this may become a line of delays, as Doody will be able to request file a new report in response to Deaton's findings.  But Deaton's response is very important as in the Telegram case Doody's "expert opinion was mentioned 17 times in the ruling by the judge, even though he made very stupid arguments that secondary market purchasers of crypto relied on promises from the centralised issuers of the coins.

 

 

[Xrpdude]

It just feels like a matter of time, John Deaton has a very good thread going all the back to Dec '21, on whether XRP is a security per se in his opinion. I read this the other day and it seems compelling. He argues against each prong of the Howey Test in relation to XRP, and if John is right this is just a matter of time. If I were being cynical I'd say the SEC are a wrecking ball, out to spread fear in the markets. Play ball with us or you will face years of legal wrangling that will be a high cost to your company, it's not justice, it's bullying. Plain and simple. The SEC don't care about investors, they just care about control and their bottom line.  

[Xrpdude]

John E Deaton's Howey Test Analysis Tweet: 

John E Deaton on Twitter: "A HOWEY TEST ANALYSIS 🧵: ONE YEAR LATER Does #XRP pass the Howey test? In order to pass the Howey test and be considered an investment contract (aka security), 4 factors MUST be satisfied. If ALL FOUR factors are not met, the instrument or asset is NOT a security." / Twitter

 

 

[peanut56]

John Deaton's motion may cause a delay, but a delay worth while. He is the only person as of now that can represent the xrp community in a case were the SEC is targeting the xrp community as whole (due to the fact they are considering every xrp in existence as a security). It also aids in inserting someone other than that hand picked by the SEC [aka Doody]. Of all the delays, I will gladly eat the time on this one.

[Babelly]

42 minutes ago, peanut56 said:

John Deaton's motion may cause a delay, but a delay worth while. He is the only person as of now that can represent the xrp community in a case were the SEC is targeting the xrp community as whole (due to the fact they are considering every xrp in existence as a security). It also aids in inserting someone other than that hand picked by the SEC [aka Doody]. Of all the delays, I will gladly eat the time on this one.

it was mentioned by someone (maybe Hogan), I forget by who, that Deatons motion may cause a delay per se, but does not effect the overall timeline of the case.

[JASCoder]

And then there’s this…

 

[JASCoder]

Update…

JD’s response: