Ripple CEO Brad Garlinghouse stated that Ripple Labs is set to spend approximately $200 million on legal fees to battle an aggressive SEC lawsuit. However, according to crypto lawyer and bull John Deaton, the lawsuit lacks credibility. In a tweetstorm on May 4th, Deaton provided his arguments to the court in an amicus curiae brief, summarizing the SEC Ripple lawsuit as “far-fetched.” He balks at the SEC’s view that every XRP sale is equivalent to an ICO sale and argues that the commission has asserted an overly broad, essentially meaningless definition of security to apply to XRP. Ripple has already spent $200 million on its legal defense, as revealed by Garlinghouse during a fireside chat with Dan Murphy at the Dubai Fintech Summit, prompting mixed reactions from the Ripple community.
Crypto Lawyer Blasts SEC’s Ripple Lawsuit as Case Drags On
