Crypto legal expert John Deaton shared his opinion & current developments regarding the Ripple vs SEC legal battle.
Ripple is a San Francisco headquartered fintech firm which is mainly known for its efficient & fast cross-border payment services. Since Dec 2020, Ripple has been under huge legal hurdles because of a suit, filed by the United States Securities and Exchange Commission (SEC) over the company’s business in link with XRPL (XRP) Cryptocurrency.
In the latest Thursday episode on the CryptoLaw YouTube channel, Crypto Law firm founder John Deaton talked about the Ripple vs SEC legal battle.
He said that if the court judge rules something unique in favour of any party then surely a dynamic shift in this case will be observed, while he doesn’t think that it will happen because already Ripple firm is in a better position against SEC’s charges.
Furthermore, he also said that the SEC body took a very long period to fight against Ripple and it’s not a good thing for the SEC’s reputation as well as the alleged charges against Ripple.
According to Deaton, the SEC body is not in the mood to settle the case in the near time frame but after the next significantly dynamic court ruling, they may plan to settle the case with a penalty amount of $10 million to $100 million.
Deaton dragged attention toward the 3 years+ time taken by the SEC to provide evidence against the charges and if the securities regulatory body takes more time then obviously the penalty amount will reduce dramatically.
In short, increasing the period of legal battle is going to create a favourable situation for Ripple firms.
Some media reports mainly talked about April 2024 as the final month of the legal battle between Ripple & the SEC body because a court order was issued in November, directing the parties to submit their remedies-related briefs by April 12, 2024.
The outcome of the Ripple vs SEC battle will be very important for the future of the crypto sector because there are huge numbers of cryptocurrencies and many of them are similar to XRP cryptocurrency’s technology as well backed by VC funding, just like XRP is backed by Ripple.
In short, clarity on the crypto-related rules & laws will be more clear in the future, after the end of the Ripple vs SEC battle.