In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), attorney John Deaton, a pro XRP lawyer and amicus curiae in the lawsuit, has shared valuable insights regarding potential consequences and future actions. While the final ruling date remains uncertain, Deaton offers analysis on key points.
Regarding a user’s query on the lawsuit verdict and the possibility of more XRP holders joining the case against Ripple in Oakland, California, Deaton provides detailed analysis. He suggests that if Ripple loses the legal battle against the SEC, it may take an extended period before any funds are collected, especially if Ripple fails on appeal.
However, he firmly believes that if the case proceeds to the Supreme Court, Ripple would likely emerge victorious. If the SEC wins, Ripple would appeal, leading to a continuation of the legal process for 2-5 years.
Deaton also discusses a scenario where the SEC prevails and a California judge’s ruling aligns with Judge Torres’ decision. In this case, Ripple would appeal again, resulting in a prolonged period without funds being collected, if collected at all.
After exhausting all avenues of appeal and losing the case, Ripple would be subject to a penalty of approximately $1.3 billion, which would be collected by the SEC rather than the civil plaintiffs.
Furthermore, Deaton highlights the advantages of being on the 75K list of XRP holders. He emphasizes that the list facilitates the easy identification of potential plaintiffs, aiding in potential future actions.
Dismissing claims that joining the list and asserting that XRP is not a security would be detrimental to monetary recovery, Deaton clarifies that being on the list does not waive any rights but rather helps identify potential claims for XRP holders at an early stage.
While Deaton acknowledges his skepticism regarding significant outcomes in the civil case, he suggests that if the SEC ultimately triumphs, it would collect the most substantial amount of money and potentially offer the best resolution option. Overall, being on the 75K list is seen as advantageous, providing XRP holders with a means to identify potential claims and assert their rights.
As the Ripple vs SEC lawsuit awaits its final ruling, these insights from John Deaton shed light on potential outcomes and implications, offering a clearer understanding of the ongoing legal battle and its impact on XRP holders
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.