The Ripple vs. SEC Legal Saga: A Recent Update
The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has seen a new development, with both parties filing a joint brief schedule for remedies discovery and briefing on Thursday, November 9. As expected, this development has sparked different reactions from various angles of the crypto community.
Ripple’s Potential Payment in the Legal Battle
According to John Deaton, Ripple will not have to pay anything close to $770 million in disgorgement to the United States. He cited the Morrison v. National Australia Bank Ltd. case as a strategic precedent that could benefit the payment company.
Deaton’s Analysis of XRP Sales in Different Jurisdictions
Deaton asserted that XRP sales were legitimate in jurisdictions such as the UK, Japan, and Switzerland, as declared by each country’s financial regulator. He also mentioned that after deducting sales to non-US investors and accredited investors, there will be a significant reduction in the amount Ripple is expected to pay.
An Overview of XRP Price
XRP is currently valued at roughly $0.671, reflecting a more than 2.3% price increase in the past 24 hours. The altcoin enjoyed renewed bullish momentum over the past week, with its value climbing by nearly 10%. Despite a decline in trading volume, XRP remains the fifth-largest crypto asset, with a market cap of more than $36 billion.
Hot Take
It will be interesting to see how the legal battle unfolds and whether Deaton’s analysis holds true. The impact on Ripple’s payment and XRP’s price will be closely watched by the crypto community.
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