According to recent updates shared by the defense lawyer, James K. Filan, Judge Torres has denied the SEC’s motion to revoke amici status and bar Cryptolaw founder, John Deaton from further proceedings. He added, “Amici can’t participate in the expert challenge now but may file an application to brief concerns with SEC’s expert at summary judgment.’’
In May, CryptoLaw founder John Deaton filed a motion on behalf of amici to participate in a challenge to an SEC expert who claimed to understand XRP holders’ motivations when purchasing XRP. On July 19, the SEC filed its opposition to the amicus motion and further asked District Judge Torres to revoke her grant of amici permission to participate in the case, requesting that John Deaton be barred from further participation in the case.
The victory was met with several reactions:
Fox Business reporter, Eleanor Terrett, speaks on the court’s decision: ‘’Looks like a win for $XRP holders here. JohnEDeaton1 is allowed to stay on the case and retain amici status. He’ll also be allowed to raise concerns about the SEC Gov’s expert when filing his summary judgment brief”.
Attorney Jeremy Hogan, partner at Hogan & Hogan says:’’Once again, an SEC gambit fails. Not only will Deaton likely be allowed to brief the expert witness issue (just not right now) and NOT be kicked out of the case as the SEC had hoped, but by attacking Deaton personally, the SEC opened the door to the filing of SEC dirty laundry’’.
Crypto law founder John Deaton is enthusiastic about the ruling: “The XRP community needs to continue to appreciate and respect the two judges assigned to this case. Judge Netburn has been neutral and fair to both sides during discovery. Judge Torres’ decision is extremely fair and just (even though she technically denied my immediate motion)’’.
Attorney Fred Rispoli says: “This is a win for sure. Although J. Torres denied Amici’s request for Daubert participation, the same purpose will be achieved by SJ participation. And although she implicitly denied access to Doody report, the SEC already lost that issue re: Daubert motion redactions’’.
Ripple today announced a partnership with Singapore-based major payments institution FOMO Pay, which will utilize Ripple’s ODL technology to improve its cross-border treasury flows.
On-Demand Liquidity (ODL) leverages XRP, the digital asset built for payments as a bridge between two fiat currencies, enabling instant and low-cost settlement without the need to hold pre-funded capital in a destination market.
By leveraging ODL for treasury payments, FOMO Pay is able to get 24/7, all-year-round access to liquidity for EUR and USD, thereby enabling same-day settlement globally.
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