Pro-XRP Lawyer Reacts To Elon Musk And Mark Cuban’s Amicus Brief To SEC
October 19 2023 - 3:00AM
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In a pivotal moment backed by pro-XRP lawyer John E Deaton’s
sentiments, high-profile entrepreneurs Elon Musk and Mark Cuban,
along with a consortium of prominent investors, have raised
objections against the US Securities and Exchange Commission (SEC).
This challenge comes in the form of an amicus curiae brief
addressing the SEC’s litigation procedures. Elon Musk and Mark
Cuban’s Amicus Brief Musk, Cuban, and other amici such as Phillip
Goldstein, Nelson Obus, Manouch Moshayedi, and the Investor Choice
Advocates Network (ICAN) collectively argue against the SEC’s
predominant use of administrative proceedings over jury trials. The
brief highlights that this method raises questions about the
constitutionality of the SEC’s practices. The amicus brief was
composed for the SEC v. Jarkesy case. Here, George Jarkesy, the
complainant, alleges that his Seventh Amendment privileges were
infringed upon. He argues that the SEC’s internal adjudication
method, which lacks a jury and is overseen by a
commission-designated administrative law judge, violates these
privileges. Related Reading: ‘Extra Bullish’ On XRP? Crypto Analyst
Pinpoints The Perfect Timing Drawing attention to the Seventh
Amendment, which upholds a defendant’s right to a jury trial for
cases mirroring “suits at common law,” the amici underline the
SEC’s inconsistency. They cite the SEC v. Seghers case as an
example, where the SEC opted for a jury trial, resulting in a
liability verdict against Seghers for fraud. The amici also address
concerns of “forum shopping” by the SEC, suggesting that the agency
might prosecute two identical defendants differently. This approach
could result in one party benefiting from full constitutional
rights, while the other might not, leading to a disparate legal
outcome. The document reads: Forum shopping by itself may not be
impermissible. But forum shopping by the federal government to
pursue the same claims and penalties against similarly situated
individuals, so that one individual has access to a jury and the
other does not, violates the Equal Protection Clause of the
Constitution. The document further contends that such practices
damage the SEC’s credibility at a time when public trust in such
institutions is waning, intensified by revelations of the SEC’s
“improper access to privileged memoranda.” The amici conclude that
the SEC’s practices deprive the public of critical information that
might come to light during a jury trial, which contradicts the
SEC’s core mission. This shared stance by Musk, Cuban, and their
associates emphasizes the need for a reassessment of the SEC’s
litigation approach, hinting at a potentially groundbreaking legal
tussle on the horizon. Pro-XRP Lawyer Deaton Reacts Renowned
pro-XRP lawyer, John E Deaton, aired his views on X, expressing his
support for Musk and Cuban’s stance. Deaton said, “I’m thrilled to
see Mark & Elon take this path, even if they disagree on
certain issues.” He reflected on past decisions, stating,
“Three years ago I filed suit against the SEC, and encouraged
companies in the crypto space to do the same.” Deaton further
challenges the narratives that discourage companies or executives
from contesting the SEC or its chairmanship. “Just because they
state something doesn’t make it true. Almost every court case
involving the SEC is proving that very point,” he contends. He
highlights concerns about potential conflicts of interest within
the SEC, suggesting that both parties, Republican and Democrat, are
tainted. In a particularly revealing statement, he mentions, “These
temporary bureaucrats are often conflicted, implementing agendas
that favor their friends and the companies they go work for
immediately following their tenure at the SEC.” Related Reading:
Analyst Predicts XRP Price To Hit $100: Here’s How To Become A
Millionaire Detailing alleged past conflicts, the pro-XRP lawyer
critically remarks, “Look at Jay Clayton. He helped Apollo Group
after they gave Kushner a huge loan and Clayton becomes a top
advisor and Board Member at Apollo… Speaking of Hinman, he’s made
partner at A16z, and they, along with Joseph Lubin, Vitalik
Buterin, asked Hinman to give ETH a free pass. Hell, a16z lawyers
actually helped Hinman write his famous speech.” Bringing attention
to the broader issue, Deaton’s concerns are not only with
individual transgressions but with systemic flaws. “The SEC MUST be
completely restructured. It’s a broken and failed agency,” he
unequivocally asserts. Deaton concludes with a strong call to
action, emphasizing the urgent need for reform. “We need term
limits in Congress and we need to pass legislation forbidding a
regulator from immediately working for companies they were just
regulating.” In his final, resounding statement, he warns, “Now
it’s no longer only a revolving problem. It’s gotten so out of
hand, they blatantly violate conflict laws because they know no one
will do anything about it. The next regulator simply takes the
attitude: ‘Now it’s my turn.’” At press time, XRP traded at
$0.4804. Featured image from Shutterstock, chart from
TradingView.com
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