Prominent crypto attorney John Deaton has recently shared his perspective on the SEC’s ongoing lawsuit against Ripple, suggesting that a settlement of $20 million or less would overwhelmingly favor Ripple, contrary to a perceived 50/50 split with the SEC. Deaton’s comments, shared on social media, echo Ripple‘s Chief Legal Officer Stuart Alderoty’s sentiments on the matter, who also pointed out the SEC’s recent legal hurdles.
In particular, Alderoty referenced a case where the SEC was denied a large disgorgement award by the U.S. Court of Appeals for the Second Circuit because it failed to show actual financial harm to investors. This decision could have a direct impact on the SEC’s aggressive stance in its case against Ripple.
The legal proceedings against Ripple began in December 2020 when the SEC accused the company of an unregistered securities offering via its XRP sales. However, the narrative has since shifted, especially after Judge Analisa Torres ruled that XRP is not a security in secondary market trades. The case has also seen a downscaling of charges against XRP executives.
The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are 💯 wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less it’s a 99.9% legal victory. https://t.co/Xe6SYBiTCJ
Most recently, Judge Torres has agreed to a joint proposal from the SEC and Ripple to outline a briefing schedule addressing the institutional sales of XRP, a core element of the lawsuit where Ripple is alleged to have violated securities laws. The parties are set to present this schedule by November 9.
What’s Next for Ripple?
As Ripple stands on the cusp of what could be a landmark legal triumph, the crypto community is keenly observing what the future holds for Ripple and the wider implications for the industry’s regulatory framework.
XRP Price Momentum
In the midst of these legal developments, XRP’s price has surged by 9.31% today, reaching $0.6789. The 24-hour high was $0.6884, with a low of $0.6184. The trading volume for XRP over the last 24 hours was 456,685,314.00 XRP, with a USDT volume of 296,115,621.44, reflecting a surge in investor interest.
In summary, Ripple’s potential $20 million settlement with the SEC is viewed by many as a near-total victory. As the case progresses, the outcome is expected to have significant repercussions for Ripple and the broader cryptocurrency market.