Attorney John Deaton on Qualified Immunity in Ripple vs. SEC Battle
Attorney John Deaton recently spoke at the onXDC Live blockchain conference, shedding light on an important legal aspect of the Ripple vs. SEC case – qualified immunity. Here are the key points from his speech:
- Qualified immunity shields government officials, including those at the SEC, from personal liability for actions taken in their official capacity.
- A “smoking gun” – compelling evidence of negligence – is needed to challenge the SEC’s qualified immunity and pave the way for a civil conspiracy case against the SEC.
- The case involving Bernard Madoff illustrates the challenges of holding the SEC accountable, as the judge dismissed the case despite multiple warnings about the Ponzi scheme.
Deaton also discusses the appeal process and potential outcomes in the Ripple case:
- An interlocutory appeal motion is currently in progress, but a full appeal may only occur after the trial, significantly extending the timeline.
- Possible outcomes include SEC officials testifying or a settlement, depending on the resolution of the Coinbase case and the SEC’s stance on the securities status of various cryptocurrencies.
Hot Take: Deaton’s insights shed light on the challenges of holding the SEC accountable and the potential timeline for the Ripple case. The concept of qualified immunity presents a significant hurdle, but compelling evidence could change the game.
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