Ripple’s ongoing legal battle is becoming a major focus, adding fuel to the fire of an industry poised for transformation.
Despite the significant increase in digital asset market prices, the outcome of the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple is still pending.
John Deaton Predicts Important Victory for Ripple
Famous cryptocurrency lawyer, John Deatonproviding valuable insight into the ongoing legal dispute between the SEC and Ripple.
Deaton said a settlement worth $20 million or less would constitute a major legal victory for Ripple.
In a recent X post, Deaton explicitly rejected the idea that the outcome of the SEC lawsuit was equal, claiming that it favored Ripple by a 90/10 margin.
Deaton’s response was prompted by a post from Ripple Chief Legal Officer Stuart Alderoty, which highlighted another regulatory hurdle from the SEC.
Deaton’s sentiment resonates with the general sentiment in the cryptocurrency community, which generally believes that the proposed $20 million payment is a favorable outcome for Ripple.
The assessment considers the potential consequences of XRP litigation as well as the broader legal environment for digital currencies.
Adrotti points to SEC difficulties
Stuart Alderoty’s post continues to contribute to this story, highlighting the SEC’s recent losing streak.
In SEC v Govil, the U.S. Court of Appeals for the Second Circuit ruled that the SEC may not seek a large distribution award without proving actual financial harm to investors.
Essentially, this ruling means no harm, no punishment.
Those who think the SEC is winning this election 50-50 @ripple Case 💯 Error. It’s more like 90-10 in Ripple’s favor. If Ripple ends up paying $20 million or less, it’s 99.9% a legitimate win. https://t.co/Xe6SYBiTCJ
— John E. Deaton (@JohnEDeaton1) November 4, 2023
Recently, Judge Analisa Torres issued an order in response to a joint request by the SEC and Ripple to come up with a brief timeline to resolve institutional sales of XRP, a key aspect of the lawsuit in which Ripple was found to have violated securities laws.
Relevant parties are obliged to submit the joint meeting agenda before November 9.
General Bitcoin News.