John Deaton, representing thousands of XRP holders as amicus curiae in the XRP lawsuit, has expressed mixed feelings over a recent update in the SEC/Ripple lawsuit.
Deaton said he was initially excited after receiving an email filing regarding a new development in the case. However, his excitement quickly dissipated after discovering it was about the SEC lawyer’s withdrawal from the case.
The pro-XRP attorney elaborated on the implications of the lawyer’s departure from the lawsuit.
SEC Lawyer’s Withdrawal Does Not Impact the Ripple Lawsuit, Deaton Says
Deaton said the development has no significance on the ongoing lawsuit between Ripple and the US SEC.
He noted that people shouldn’t misinterpret the lawyer’s withdrawal as a sign that the case has ended or of any change in the proceedings.
According to Deaton, the lawyer’s withdrawal does not alter or affect the litigation’s direction.
Marc Fagel, a lawyer and former SEC Regional Director, shared a similar perspective with Deaton while clearing potential concerns and misinterpretations.
Fagel concurred with Deaton, disclosing that he experienced mixed excitement and disappointment upon hearing the news.
A crypto Twitter community member asked about the staff turnover within the SEC under Chairman Gary Gensler’s leadership.
He asked: “Do you think the turnover under Gensler is more than usual? Or is this normal?”
Fagel’s response to this question was more than controversial, drawing insights from his experience and observations as a former SEC employee. His response was speculative, to say the least, saying that the turnover rate has increased.
The former SEC regional director hypothesized potential reasons for the touted uptick. He mentioned that staff dissatisfaction with Gensler’s leadership could be the reason for the increased employee turnover within the SEC.
Alternatively, Fagel said a robust job market for defense counsels following the SEC’s aggressive regulatory stance must have contributed to the turnover uptick.
Meanwhile, a series of debates have sprouted in the XRP community following heightened anticipation for Judge Torres’ final ruling on the Ripple VS. SEC litigation.
Legal experts within the community weighed in on a discussion concerning the possible date to expect the summary judgment.
Recall both parties in the lawsuit completed their summary judgment briefings in December 2022. And since then, the community has been awaiting news of the winner in the case.
However, people have become more anxious as six months passed without news. In the latest discussion, the controversial self-acclaimed sleuth, Mr. Huber, shared a snapshot he found concerning how long it should take a court to review legal filings and deliver judgment.
According to Huber, his findings suggest it should take between one and three months for a judge to review legal briefs and decide whether to grant or deny a summary judgment.
He disagreed with Marc Fagel, who concurred with the 1-3-month timeline depending on the volume of records to consider. Fagel, however, agreed that online legal research isn’t reliable.