Cryptocurrency attorney John Deaton has provided valuable insights into the ongoing legal battle between the United States Securities and Exchange Commission and Ripple. Deaton suggests that a settlement amounting to $20 million or less would be a substantial legal victory for Ripple.
In a recent post on X (formerly Twitter), Deaton vehemently dismissed the notion that the lawsuit’s outcome was a 50/50 split between the SEC and Ripple. According to him, the advantage tilts heavily in favor of Ripple, with a ratio closer to 90/10. Deaton’s comments were prompted by Stuart Alderoty, Ripple’s chief legal officer, who highlighted yet another setback for the SEC in a separate legal case.
Deaton’s comments came after Ripple’s top lawyer, Stuart Alderoty, pointed out the SEC suffered another court loss this week in a separate case. This adds to a string of legal setbacks for the SEC.
Experts say a $20 million settlement would be largely positive for Ripple, given the potentially enormous penalties the SEC originally sought over unregistered XRP token sales.
The SEC sued Ripple in 2020 but saw a major ruling go against it when a judge determined that XRP is not a security when sold on secondary markets. Charges against Ripple executives were also reduced substantially.
Legal proceedings continue with both sides now working to propose a briefing schedule related to Ripple’s institutional XRP sales by November 9th. This element of the case did see Ripple declared in breach of securities laws.
In summary, Deaton’s insights highlight that a settlement under $20 million would constitute a significant legal triumph for Ripple over the SEC. Recent events appear to strengthen Ripple’s hand as the high-stakes crypto lawsuit plays out further.
#Cryptocurrencies #Blockchain #Ripple #SEC
