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SpendTheBits is a Model Example Of Flaw With SEC Lawsuit, Says Deaton

Attorney John E. Deaton has asserted that the Bitcoin payments app based on the XRP Ledger, SpendTheBits, represents all that is wrong with the US Securities and Exchange Commission’s case against Ripple.

According to Deaton, if he had to pick only one amicus brief for Judge Analisa Torres to read, it would be the SpendTheBits brief. The lawyer asserts that it may be the best at exposing the flaws in the SEC’s claims about XRP.

As elaborated by Deaton in the lengthy thread, as opposed to the SEC claim that XRP and the XRPL have no utility outside the efforts of Ripple, SpendTheBits founder Jaskaran Kambo started the payments app with no knowledge of or support from Ripple. The lawyer discloses that Kambo intimated that the payments app is a smaller alternative to Ripple’s On-Demand Liquidity (ODL) service, making it a potential Ripple competitor.

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