Legal Perspectives on Ripple’s Case
Prominent cryptocurrency attorney John Deaton recently shed light on the ongoing saga between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. In his assessment, a settlement amounting to $20 million or less would not only signify a resolution but a substantial victory for Ripple in the grand scheme of things.
Deaton’s Bold Claims
In a lively discussion on X (formerly known as Twitter), Deaton vehemently disagreed with the notion that the lawsuit’s outcome was evenly balanced. Instead, he argued vehemently that the odds were stacked 90% in Ripple’s favor, a claim bolstered by recent legal setbacks experienced by the SEC.
Cue the Legal Drama
Stuart Alderoty, Ripple’s chief legal officer, added to the narrative by pointing out that the SEC faced yet another defeat. The ruling from the U.S. Court of Appeals for the Second Circuit emphasized that the SEC can’t request significant financial penalties without demonstrating actual harm to investors. In other words—no harm, no foul!
The Ripple Timeline
The SEC unveiled its legal beef with Ripple Labs back in December 2020, alleging that the firm had been selling unregistered securities through the digital asset, XRP. The legal rollercoaster took a pivotal turn when Judge Analisa Torres concluded that XRP was not considered a security when traded on secondary markets. This ruling significantly reduced the legal baggage carried by Ripple executives.
Upcoming Developments
Adding a new layer to this ongoing case, Judge Torres has authorized a joint briefing schedule concerning institutional sales of XRP. This is pertinent as it involves elements where Ripple was found to have breached securities regulations. The deadline for submission is fast approaching—November 9 is circled on the calendar!
Community Sentiments
The cryptocurrency community appears to resonate with Deaton’s views. A settlement of $20 million is widely seen as a favorable resolution in the face of potential severity from regulatory bodies. The consensus seems clear: The legal tide is turning in Ripple’s favor!
