In a recent analysis, John Deaton, the brain behind CryptoLaw and a legal advocate for XRP investors, has expressed strong confidence in Ripple’s success in the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Deaton believes it’s not a toss-up but a whopping 99.1% chance of success for Ripple, provided they agree to a fine not exceeding $20 million.
Deaton’s upbeat assessment was triggered by a tweet from Stuart Alderoty, Ripple’s Chief Legal Officer, highlighting yet another setback for the SEC in their legal efforts. This mirrors the overall sentiment in the cryptocurrency world, which views the proposed $20 million settlement as a favorable outcome for Ripple.
Also Read: SEC Under Fire for Lawbreaking With SAB 121: John Deaton Lashes Out
Stuart Alderoty, in a separate post, emphasized the SEC’s recent run of legal losses and pointed to a recent decision in the SEC v. Govil case by the U.S. Court of Appeals for the Second Circuit. This ruling underscores that the SEC cannot demand significant disgorgement without proving harm to “investors.” In simple terms, without proven harm, hefty penalties are off the table.
Deaton also clarified two common misunderstandings in the cryptocurrency community. Firstly, he explained that there are no ongoing discussions between Ripple and the SEC for a settlement. Secondly, he debunked rumors about Ripple planning to launch an Initial Public Offering (IPO) before June 2024. Importantly, on October 23, Judge Torres formally dismissed the lawsuit against Chris Larsen and Brad Garlinghouse, two Ripple executives.
The next significant milestone is on November 9, 2023, when the involved parties are expected to submit a joint schedule for remedies. This date could be pivotal in the ongoing legal battle between Ripple and the SEC, as it’s an opportunity for the two parties to agree on a timeline and determine the penalties that Ripple may face for alleged Section 5 violations related to its institutional XRP sales.
Read More: Ripple Is Headed for an IPO: 3 Hints That Prove It
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