Ripple is now well on its approach to putting its extended legal battle with the SEC behind it, and a . Prominent lawyer and XRP supporter John E. Deaton recently contributed his two cents, noting how a settlement would be the best case for Ripple. According to the attorney, it is a 99.9% victory if Ripple ends up paying $20 million or less in settlement.
A Lengthy Legal Battle Almost Getting To An End
The legal tussle between the US Securities and Exchange Commission and payment giant Ripple has dragged on for quite a while. The SEC filed a lawsuit against Ripple Labs in 2020, alleging that Ripple’s XRP token is an unregistered security. This shocking lawsuit sent shockwaves through the crypto community and XRP’s price growth remained stunted until the second part of this year.
Ripple secured partial victory for XRP in court, as the sales of the crypto to retail investors was ies. Although federal Judge Analisa Torres to appeal the Ripple ruling, the case is still in court as the category of the early sale of XRP to is still yet to be determined. An order on the SEC and Ripple’s request to propose the next steps on the judgement regarding institutional sales of XRP was recently approved.
The consensus among industry experts is that Ripple has won a partial victory with a score of 50-50, and that the next stage will be to reach a settlement. On the other hand, Deaton is of the opinion that the judge ruled “more like 90-10 in Ripple’s favor.”
The people who’ve argued that the SEC got a 50-50 victory in thecase 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.
— John E Deaton (@JohnEDeaton1)
Deaton made this known in a reply on social media to about the SEC’s setback in SEC v Govil. According to Deaton, a $20 million settlement payment or less would be a huge win for the blockchain company. It’s important to note that Deaton has suggested in the past that the .
Another loss this week for the SEC – the streak continues. The 2d Circuit in SEC v Govil held that the SEC can’t ask for a crippling disgorgement award w/o first proving that “investors” suffered actual financial harm. In other words, no harm, no foul.
— Stuart Alderoty (@s_alderoty)
The SEC has since dropped its separate lawsuit against Ripple’s CEO, Brad Garlinghouse, and Co-founder, Chris Larsen. However, Larsen believes the regulator for its baseless witch hunt and the chaos which it created.
XRP market cap currently at $34.542 billion. Chart:
Precedent For Future Crypto Lawsuits
The final outcome of Ripple’s legal battle with the SEC will have major implications for the entire crypto industry. It would provide clarity on how the SEC determines if a digital asset qualifies as a security.
As of right now, XRP is the only crypto with regulatory clearance in the US. On the other hand, executives of SafeMoon were by the US Department Of Justice for perpetrating a massive fraud on its investors.
Featured image from Shutterstock
The WEBFI algorithm actively curates and presents current news from the Internet, delivering it in both written and video formats on our platform. Unlike many other news sources, WEBFI Network - News Balance Security is committed to a user-friendly experience. We refrain from displaying advertising within our content, avoid any redirects to external sites, and meticulously filter out any graphic content deemed unsafe, sensitive, or private. Our primary goal is to provide visitors with a distraction-free and secure environment, ensuring they receive the news they seek.
Importantly, WEBFI Network does not collect any personal information from our visitors, and we do not engage in newsletter subscriptions. We take pride in remaining entirely advertiser-free, thanks to the support of our contributors and our dedicated hosting service partners. It's crucial to note that the opinions and content presented on our platform do not necessarily align with WEBFI NETWORK's opinion, philosophy, or vision. We strongly uphold the principle of freedom of speech, welcoming a diverse range of perspectives and ideas.
🌐 Discover News Balance 🇺🇲 - Your Round-the-Clock Source for Unbiased News!
Experience a continuous stream of comprehensive, unbiased news coverage 24/7/365 with News Balance 🇺🇲. Our carefully curated playlist ⏯ delivers a harmonious blend of national and global politics, cutting-edge tech updates, weather forecasts, noteworthy events, and captivating entertainment news.
The best part? No subscriptions, registrations, or downloads required. Enjoy an ad-free news experience with News Balance 🇺🇲.
"Introducing Unstoppable Private WebFi Websites – Your Forever Digital Haven.
Experience a lifetime of ownership with WebFi – where your digital presence is a lifelong investment. Embark on your journey to own a private website for life.
Our private servers set the gold standard in security and performance, ensuring your website stays in top form. With our lifetime license, the days of fretting about hosting renewals are behind you.
Unlock your very own WebFi space granting you a perpetual haven for your projects, free from the burden of recurring payments. Your sole financial commitment? Domain annuities to your domain provider – nothing more!
Choose WebFi and own your digital future, secure, simple, and everlasting."LEARN MORE