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- Ripple has announced a grand celebration for their partial victory against the SEC, scheduled on September 29 in New York.
- XRP enthusiasts are expecting a comment on the Initial Public Offering speculations and other developments concerning the court case.
Ripple Labs vs. the US Securities and Exchange Commission’s legal battle is still on after the Commission filed a motion for interlocutory appeal with the court. The current situation has made investors skeptical as an approval of this motion could create a bearish market sentiment and position the asset on a downward trajectory.
Interestingly, a rejection of the motion could be a huge boost. Similarly, confirmation of the speculated Ripple’s Initial Public Offering could even be a bigger catalyst for a price surge. According to reports, September 29 could be a big day for investors as Ripple could unveil its decision to launch an IPO to the public. With a bated breath, investors are also expecting the company to disclose more details with regard to the ongoing case with the SEC.
Recently, Ripple CEO Brad Garlinghouse announced that September 29 would be a grand party to celebrate its partial victory against the SEC. This event would take place in New York. Currently, registration to participate is still open.
John Deaton Speaks on His Expectations at the Ripple Party
CryptoLaw founder John Deaton has made some guesses on what to expect in the wake of several speculations on various crypto forums. According to him, it is highly possible that there would not be a settlement announcement with the SEC. Per his analogy, a settlement can only be considered when the Coinbase vs. SEC lawsuit yields some huge developments. Concerning the IPO announcement, Deaton believes that the SEC would not approve it anyway.
The SEC isn’t going to approve an IPO when they’re seeking a permanent injunction against Ripple related to future institutional sales of XRP during the remedies phase of the litigation, as well as seeking a permanent injunction against the CEO and Chairman of the Board if they win at trial.
Some crypto enthusiasts have, however, taken solace in the situation of the SEC approving Coinbase’s IPO despite tagging it as an unregistered exchange, broker, and clearing agency.
Some Recent Occurrences Involving Parties Closer to the Court Case
Recently, Ripple Labs’ Chief Legal Officer (CLO), Stuart Alderoty made a post emphasizing the need to challenge regulators. In response, Deaton commended the blockchain company and advised the executives not to settle with the SEC. Alderoty’s post came after Grayscale Investments got a victory against the SEC in a case that involved the Commission rejecting the Bitcoin spot exchange-traded fund application by the asset manager.
The SEC is getting battered in the court. In our case it’s been proven wrong, been called hypocritical, lacking faithful allegiance to the law.
In another recent video by renowned commentator Jim Cramer, he took a dig at the executives and lawyers closer to Ripple. Deaton issued a strong response on August 31.
Let me show you just how fake or ignorant @jimcramer is being in the video below. He says “What do we know about XRP? Nothing.” Jim is either truly ignorant (not in the name-calling way – but ignorant on the subject matter) or he is being completely fake, lacking integrity. He said the government and the public know nothing about XRP.
XRP is currently trading at $0.501445 after falling by 3 percent in the last seven days.
