The ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) has taken a new turn with the exclusion of co-founder Jed McCaleb from the case. Attorney John Deaton recently explained the reasons for this move, as XRP continues to rally in anticipation of a favorable ruling.
The long-awaited verdict on whether XRP is a security or not is expected in the coming weeks, with many members of the cryptocurrency community eagerly awaiting an outcome that could have major implications for Ripple's future.
If Ripple loses its case against the SEC, it could file for an appeal or take CEO Brad Garlinghouse's suggestion to leave the US market altogether. Meanwhile, supporters of XRP are hoping for a win that would validate their belief that it is not a security.
But one question has been on everyone's mind: why wasn't Jed McCaleb included in the lawsuit? According to attorney John Deaton, who represents over 11,000 XRP holders in court proceedings against the SEC, there are several reasons behind this decision.
Deaton explained that McCaleb had already settled his own legal dispute with Ripple back in 2014 and was no longer affiliated with either company at present. Furthermore, he stated that including McCaleb would have unnecessarily complicated an already complex case.
Despite these developments, XRP prices continue to soar as anticipation builds around what could be a landmark ruling. The token has outperformed nearly all other digital assets within the top 20 cryptocurrencies by market cap over recent days.
As investors eagerly await news from courtside proceedings and brace themselves for potential market volatility depending upon which way judgment goes; only time will tell how this legal battle will ultimately play out.