XRP Developer's Case Weakens SEC's Allegations 

Attorney John Deaton, an advocate for Ripple, has uncovered new evidence that could bolster Ripple's defense in the ongoing Ripple vs. SEC (Securities and Exchange Commission). It is alleged that Jaskaran Kambo, the developer of XRP Ledger, did not receive any funds from Ripple and did not have a formal contract with the company, according to a June 28 report from FXStreet.

Deaton has filed an amicus brief in the Ripple case, citing Kambo's situation as crucial in challenging the SEC's claim that Ripple operated as a "common enterprise" during the development of XRP. The SEC's argument implies that investors' fortunes were tied to Ripple, making XRP a security. However, if Kambo's case is considered by Judge Analisa Torres, who presides over the SEC's case against Ripple, it could weaken the SEC's allegations. 

SpendTheBits, a cryptocurrency payment app founded by Jaskaran Kambo, has also filed an amicus brief supporting Ripple. Deaton views Kambo and the SpendTheBits project as the prime example to demonstrate the flaw in the SEC's theory against Ripple and its executives. The involvement of SpendTheBits strengthens Ripple's defense against the US financial regulator.

Another significant development in the case came on June 13 when the SEC, under a court order, unsealed documents relating to William Hinman's speech. Experts believe this revelation could undermine the SEC's legal argument in the ongoing litigation.

The recent developments are seen as bullish for XRP holders and Ripple in the long term, as it challenges the SEC's regulatory stance. Ripple ($XRP) is trading at $0.4762, down by 0.92% in 24 hours, according to CoinMarketCap.