Attorney John Deaton, moderator of over 75,000 XRP holders participating as amici curiae in the case, wrote that Ripple’s victory is certain thanks in part to the SEC stretching its arguments “too far.” He explains that the SEC claims the disputed XRP token “was, is, and always will be a security.”

The regulator also maintains that XRP sales make Ripple, exchanges, and XRP holders participants in a common enterprise. According to Deaton, this argument means that XRP satisfies all three prongs of the Howey test.

However, the attorney notes that the SEC has not presented evidence to back its later claims. Instead, Ripple has forced the regulator to admit that owning XRP does not give holders any rights in the company. XRP holders have also proven that they majorly purchased XRP without knowledge of Ripple’s involvement and for non-investment purposes.

Similarly, Deaton states that the SEC’s stance on XRP satisfying Howey is impossible to define in space or time. Based on this, Deaton asserts that those predicting XRP is doomed are overstating the SEC’s chances.