- Crypto Law Founder John E Deaton tweeted he will stand against the US SEC for claiming secondary market transactions are securities.
- James K Filan reported Deaton will file an Amicus (NASDAQ:FOLD) Brief in Zakinov versus Ripple case.
- Deaton will argue against plaintiffs claiming Ripple sold XRP as an unregistered security.
Crypto Law founder and Deaton Law Firm Managing Partner John E Deaton tweeted that he will be defending secondary market transactions of a token against the US SEC. He added:
Whether it’s the SEC Gov or a Plaintiff’s Attorney making the absurd argument that secondary market transactions of a token are also securities simply b/c it may have been previously offered or sold in a way that violated Section 5 of the Securities Act, I’ll see you in court.
The former federal prosecutor and defence lawyer, James K Filan shared that Deaton will be filing a motion to file an Amicus Brief in Zakinov versus Ripple lawsuit in California, U.S. The plaintiffs claimed that Ripple sold XRP as an unregistered security, asking the court to certify a class of all XRP holders who either purchased, now hold, or sold XRP at a loss.
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