Ripple Vs SEC: Judge Torres Holds the Key to Ripple’s Future: Deaton Claims “Outright Victory” in Court Battle
After years of litigation between Ripple (XRP) and the SEC, the judge’s closing ruling could be the final stage. There have been numerous theories and predictions made in relation to this lawsuit. The majority of individuals predict a settlement, while others anticipate a judge’s ruling.
If Ripple wins their lawsuit, it will help to strengthen XRP’s legality in the US market, which will enhance its price. It is also advantageous to the entire crypto sector since it provides clarity and confidence in cryptocurrency. The U.S. Commodity Futures Trading Commission (CFTC), the SEC, and any other financial compliance organizations must all be fully aware of their responsibilities and regulatory obligations.
However, if XRP loses, it could have serious consequences for XRP, its investors, and the cryptocurrency industry as a whole. The SEC would have the power to fine Ripple Labs and order the business to register XRP as a security.
The Community Speculates
A crypto enthusiast by the name @JayVTheGreat has claimed on Twitter that Ripple is most likely going to lose in its lawsuit against SEC. The user had doubts about how Ripple would conduct its transactions. Another reason cited is that Ripple has failed to make a compelling case for anything but the blue sky laws on whether an actual contract is needed or not. He went on to suggest that the Hinman emails are Ripple’s last hope because chairman Gary Gensler refuses to budge.
In response, John Deaton, a well-known blockchain attorney and the founder of CryptoLaws, intervened and brought smiles to the faces of the XRP community by outlining how Judge Analisa Torres might award Ripple an outright win. Deaton said in a thread on Twitter yesterday that he does not think Judge Torres agrees with the Blue Sky position, but he thinks Ripple might prevail in the SEC in the protracted legal dispute that has lasted for more than two years.
SEC Receives Backlash
The Securities and Exchange Commission was criticized by FOX Business senior correspondent Charles Gasparino for mishandling its regulatory agenda by prosecuting Ripple rather than the bankrupt crypto exchange FTX. The regulator charged Ripple, he continued, despite the fact that it is obvious that bitcoin exchanges are typically the source of major fraud.
Deaton continues to back Ripple while criticizing the SEC. For the longest period, he has been true to his prediction. He contends that during the three meetings they had, the SEC ought to have disclosed to Ripple officials that XRP is a security. The blockchain attorney thinks that as a result, the jury will have no trouble ruling against the SEC in this case.