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Here’s when the Ripple v SEC Lawsuit May End, Updates From Pro-XRP Lawyer John Deaton

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John Deaton Ripple vs SEC
John Deaton Ripple vs SEC

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Cryptocurrency lawyer and XRP supporter John Deaton has given updates on when Ripple’s legal battle with the United States Securities and Exchange Commission (SEC) could end. The case started in late 2020 when the agency sued Ripple on allegations of selling XRP as an unregistered security.

Pro-XRP Lawyer Updates Investors on When Ripple Lawsuit May End, Says Insiders Won’t Have Prior Knowledge

In a recent Twitter post to his 257,000 Twitter followers, Deaton said he believed the Judge in charge of the case, Analisa Torres, is not time bound to rule on the case. The comment came after community members questioned whether Judge Torres merited for the “naughty list” if she failed to issue a ruling on March 31.

In his response, Deaton noted the huge misunderstanding among community members. He clarified that “only motions that have been pending more than 6 months must be reported on a list to Congress. The 6-month list does not apply to Judge Torres’ summary judgment ruling because the motion has been pending for a little over 3 months.”

Deaton went on to explain that the final proofreading could be ongoing or that the Judge could be in the proofreading stage. In Deaton’s opinion, the delay comes as the stakes are high. Notably, the ruling could shape the entire blockchain and crypto landscapes in the U.S. for five years or longer.

99.9% of all Court rulings don’t have the importance and significance this decision may prove to have. Not very often does a Judge’s decision impact not only the U.S. but the world. International holders have been held, hostage. 17 amicus briefs at the district court level. 

Deaton, representing XRP holders as amicus curiae in the Ripple v SEC case, also noted that there would not be any insider knowledge of the case’s final outcome. Only Judge Torres and her team will know what the ruling is before the public does.

Ripple CEO Garlinghouse, “Case Outcome Will Be Pivotal To The Industry”

In an interview last month, Ripple CEO Brad Garlinghouse highlighted that the lawsuit had ramifications on the entire cryptocurrency industry. This meant that the case outcome would be “pivotal” to the industry, determining how things would happen moving forward.

In his opinion, the SEC bringing the case against Ripple was not just about Ripple or XRP but the whole industry.

The SEC is kind of playing offense and attacking the whole industry. When it started two and a half years ago, I am not sure everyone fully digested that. And now that is widely understood.

Garlinghouse also questioned how the SEC is going about regulating the U.S. crypto industry, calling it “unhealthy.” In his words, “The macro headline for me is this is not a healthy way to regulate an industry. Regulation through enforcement as opposed to what we are seeing in other countries where they are doing the work – they are codifying, they are creating a framework that allows an industry to grow while protecting consumers.”

Further, he noted that the regulatory uncertainty in the U.S. will and is negatively impacting the largest economy in the world. An excerpt from the interview reads, “Look at the benefits to the United States on a geopolitical basis to have the Amazons and Googles based and headquartered there. We are at, I think, severe risk of having that not happen in this next evolution of technology around blockchain and crypto. It has already started moving outside the United States.”

Notably, consumers are also suffering because of that, as they do not have the same protections that the United States regulatory frameworks can provide.

Ripple Bulls Grow Impatient

Ripple bulls have grown tired of waiting. Now, the rally that began mid-March amid expectations of a ruling at the end of the month has started subsiding.

Ripple XRP price
TradingView Chart: XRP/USDT 1-day chart

At the time of writing, XRP is auctioning for $0.51, down almost 0.5% in the last 24 hours. The remittance token is also down 5% since its peak price of $0.54 recorded on March 29. Nevertheless, Deaton says XRP is like a cockroach, the most resilient coin.

Noteworthy, XRP has been called a ‘banker’s coin’, ‘shitcoin’ or security. Irrespective of all the name-calling, it has maintained stronger resilience than most cryptocurrencies. In Deaton’s words, “[XRP is] hardy, resilient, and not easy to get rid of. It is imperative to note that the most recent bull run for XRP has been driven by most South Korean exchanges.


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