Attorney John Deaton’s View on SEC vs. Ripple
John Deaton recently shared his thoughts on the legal battle between the SEC and Ripple (XRP). During an interview with Thinking Crypto, he highlighted different perspectives within the XRP community.
Regulatory Conflicts
Deaton discussed the conflicting views of regulatory bodies, noting the CFTC chair’s classification of most cryptos as commodities, while SEC Chair Gary Gensler views everything as securities, including non-financial items.
SEC vs. Ripple Case
Deaton explained the recent development in the SEC vs. Ripple case, where charges against Ripple executives were dropped, and the judge ruled some XRP transactions as non-securities, particularly those involving contracts with institutions.
Legal Fees and Future Developments
Deaton addressed the issue of legal fees reimbursement and predicted the SEC to include all sales in penalties, while Ripple argues for exclusions based on factors like utility transactions and exemptions for accredited investors. The judge will ultimately decide on the final remedy.
International Sales and Conclusion
Deaton clarified that the SEC’s authority is limited to the U.S., indicating that Ripple’s global XRP sales fall outside the SEC’s jurisdiction. He also discussed a potential conclusion in 2024 and the right to appeal for both parties.
Hot Take: Implications of the SEC vs. Ripple Case
Deaton’s insights shed light on the complexities and implications of the SEC vs. Ripple case, highlighting the significance of the judge’s impending decision and the potential impact it may have on the crypto industry as a whole.
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