Renowned crypto lawyer John E. Deaton has weighed in on Ripple Lab’s ongoing lawsuit with the SEC, stating that a potential settlement of $20 million or less would be a significant legal victory for the company. Deaton’s perspective differs from those who believe the outcome is a 50-50 victory for the SEC, as he believes it leans more towards a 90-10 victory for Ripple. His comments were made in response to a post by Stuart Alderoty, Ripple’s Chief Legal Officer, highlighting another legal setback for the SEC. The sentiment within the cryptocurrency community aligns with Deaton’s perspective, viewing the proposed settlement as favorable for Ripple given the broader regulatory landscape.
The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company conducted an unregistered securities offering through the sale of XRP. The lawsuit argued that XRP should be classified as a security and that Ripple should have registered its token sales with the SEC. This case had significant implications for the regulation of digital assets in the United States. However, Judge Analisa Torres recently vindicated XRP as a non-security when traded on secondary markets, setting a precedent.
Judge Torres also approved an order regarding institutional sales of XRP, where Ripple was found to have violated securities law. The parties have been directed to submit a joint briefing schedule by November 9. This development shows progress in the case and could potentially lead to further clarity on the regulatory status of XRP.
In conclusion, John E. Deaton’s perspective on Ripple’s ongoing lawsuit with the SEC reflects a positive sentiment within the cryptocurrency community regarding a potential settlement of $20 million or less. This development would be seen as a significant legal victory for Ripple amidst its legal battle with the SEC over allegations of conducting an unregistered securities offering through XRP sales. The case has already set a precedent by classifying XRP as a non-security when traded on secondary markets, and further progress is expected as the parties work towards a joint briefing schedule.
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