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From Ripple to Coinbase: Adv. Deaton’s Insights into 2024’s Biggest Crypto Cases

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Qadir AK

In a recent interview with Fox’s Eleanor Terrett, John Deaton shared insights about Judge Analisa Torres’s possible view on Ripple’s upcoming settlement. Deaton suggested the judge might be lenient towards Ripple due to its non-fraudulent sales to institutional investors. This offers a new perspective on Ripple’s legal journey ahead.

For 2024, Deaton predicts a decision about Ripple’s penalties for its XRP token sales to institutional investors. He points out the sales’ legality outside the U.S. and mentions On-Demand Liquidity (ODL) as a factor. There’s speculation about Ripple’s potential disgorgement of $770 million possibly being reduced to $20 million.

But wait, there’s more coming up in 2024!

Deaton Takes Charge

Having supported his 75,000-strong XRP community during the Ripple vs SEC case, Deaton now hints at backing Coinbase in its legal clash with the SEC. His focus remains on safeguarding individual token holders’ interests. If Coinbase’s motion to dismiss doesn’t succeed, Deaton plans to submit an amicus brief, advocating for customer and token holder rights.

Deaton believes asset sales went through Coinbase, an intermediary, not directly from the issuer. He sees this as a reason for potential success in Coinbase’s motion to dismiss. This viewpoint aligns with Coinbase’s call for clearer SEC guidelines, a topic pending since the agency’s June 14, 2023, petition.

And…Here’s the Twist!

The imminent possibility of an amicus brief in the Coinbase lawsuit adds an intriguing twist. Deaton intended to file this brief on behalf of Coinbase customers if the exchange’s motion to dismiss fails. He aims to advocate that individuals and token holders should have a say in their representation rather than solely relying on the U.S. SEC and Coinbase to protect their interests.

Moreover, Deaton’s prediction of a partial victory in the motion to dismiss centers on the argument that the asset sales occurred through an intermediary (exchange), not directly from the issuer. This aligns with Coinbase’s stance that the SEC’s references to older laws necessitate clearer guidance for crypto companies, an aspect the agency has yet to address following a rulemaking petition submitted on June 14, 2023.

This Might Interest You: Is XRP’s Growth Fueled by Bitcoin? John Deaton’s Insights Spark Debate

Is Coinbase the next Ripple? Will crypto regulation finally get clearer? Let’s hear your thoughts!

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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