Insights on Ripple’s Legal Journey
In a recent interview, John Deaton shared insights about Judge Analisa Torres’s possible view on Ripple’s upcoming settlement. Deaton suggested the judge might be lenient towards Ripple due to its non-fraudulent sales to institutional investors. This offers a new perspective on Ripple’s legal journey ahead.
Deaton’s 2024 Predictions
For 2024, Deaton predicts a decision about Ripple’s penalties for its XRP token sales to institutional investors. He points out the sales’ legality outside the U.S. and mentions On-Demand Liquidity (ODL) as a factor. There’s speculation about Ripple’s potential disgorgement of $770 million possibly being reduced to $20 million.
Deaton Takes Charge
Having supported his 75,000-strong XRP community during the Ripple vs SEC case, Deaton now hints at backing Coinbase in its legal clash with the SEC. His focus remains on safeguarding individual token holders’ interests. If Coinbase’s motion to dismiss doesn’t succeed, Deaton plans to submit an amicus brief, advocating for customer and token holder rights.
And… Here’s the Twist!
The imminent possibility of an amicus brief in the Coinbase lawsuit adds an intriguing twist. Deaton intended to file this brief on behalf of Coinbase customers if the exchange’s motion to dismiss fails. He aims to advocate that individuals and token holders should have a say in their representation rather than solely relying on the U.S. SEC and Coinbase to protect their interests.
Moreover, Deaton’s prediction of a partial victory in the motion to dismiss centers on the argument that the asset sales occurred through an intermediary (exchange), not directly from the issuer. This aligns with Coinbase’s stance that the SEC’s references to older laws necessitate clearer guidance for crypto companies, an aspect the agency has yet to address following a rulemaking petition submitted on June 14, 2023.
Hot Take
It is clear that John Deaton’s insights into Ripple and Coinbase’s legal issues provide valuable perspectives for the crypto community to consider. As these legal battles unfold, the future of crypto regulation and the involvement of individual token holders remain crucial topics for discussion and advocacy.
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