- John E. Deaton has expressed support for Michael “Mike” Novogratz over his recent statement about the XRP army.
- According to Deaton, the XRP army entered two thousand exhibits as evidence in the Ripple case.
- Deaton claimed it was the XRP army’s actions that caused the judge to reject the SEC’s embodiment theory.
John E. Deaton, renowned crypto lawyer and founder of Crypto-Law.us, has expressed his support for Michael “Mike” Novogratz, CEO of Galaxy Investment Partners, over his recent statement concerning the XRP army. In a recent podcast, the renowned investor praised Brad Garlinghouse, Ripple’s CEO, and his team and declared that the “XRP army is real.”
Following Novogratz’s declaration, Deaton made an elaborate post on X (formerly Twitter), highlighting some of the roles the XRP army played during the court case between Ripple and the Security and Exchange Commission (SEC).
According to Deaton, the XRP army entered two thousand exhibits as evidence in the Ripple case, and Judge Torres, in her decision, cited only a couple dozen of those exhibits. He noted that some affidavits tagged XRPHolder were among those admitted by the judge.
Notably, Deaton highlighted that the XRP army’s impact in the case began with the Writ of Mandamus, which forced the SEC to acknowledge that it doesn’t determine what is or isn’t a security and it is only the Court who “tests the validity of the SEC’s theory.” According to him, that caused the judge to reject the SEC’s embodiment theory, which was coined and written about by Lewis Cohen, the co-founder of DLx Law.
Deaton highlighted several other instances where the XRP army supported Ripple in the case, including the filing of the Motion to intervene where the judge made note of the fact that never in history had thousands of investors petitioned a Court, asking to be officially sued, and to become actual defendants in the case so they could protect their property rights.
According to him, the group became amici curiae a year and a half before any other amici appeared, helping to exclude the “so-called SEC Expert Witness,” who claimed he knew what XRP holders believed when they acquired XRP.
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