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- Legal advocate John Deaton. Ripple’s accomplishments, including almost tenfold growth during a bear market, are noteworthy even under the cloud of an SEC enforcement action.
- Ripple recently experienced a significant legal victory as Judge Analisa Torres dropped all charges against its executives related to the alleged sale of XRP tokens.
Despite its three-year-long battle with the U.S. Securities and Exchange Commission (SEC), blockchain startup Ripple has continued to expand its services in different spheres, undeterred by the regulatory action. During this period, the blockchain firm has also registered remarkable growth.
In an extensive Twitter post today, Ripple’s staunch legal advocate, John Deaton, highlighted the company’s remarkable accomplishments, even in the face of substantial legal hurdles. Deaton said:
“Even if you hate Ripple or XRP, you have to be impressed by what Ripple has accomplished during the last 3 years. Not only did it grow its business – almost tenfold – during an extended brutal bear market, but did so while under the dark cloud of an SEC enforcement action which prevented any real growth within the United States.”
In an era when numerous companies were trimming their workforce, the attorney highlighted that Ripple was actively recruiting, underscoring the company’s resilience. Deaton also emphasized that the legal challenges confronting Ripple were driven by bias, conflicts of interest, and compromised positions within the SEC. He firmly asserted his belief that XRP does not qualify as a security, a perspective echoed by many industry experts.
Deaton’s remarks come in the wake of a significant victory for Ripple. Just earlier this week, Judge Analisa Torres issued an order formally dismissing all charges against Ripple executives in connection to the alleged sale of XRP tokens, rekindling optimism among Ripple’s supporters.
Ripple vs. SEC Case Settlement
John Deaton, has expressed his perspectives on the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The attorney shared his thoughts on X.com while offering his predictions on the extended timeline for the case’s verdict. Deaton emphasizes the remote likelihood of a settlement between the involved parties.
I firmly believe there hasn’t been a single substantive discussion about settling between Ripple, Brad Garlinghouse, Chris Larsen, and the SEC. The SEC is aggrieved and resolute, seeking $770 million in restitution.
He went on to underscore the meticulousness required in the penalty phase, explaining:
It’s crucial to recognize that the penalty phase essentially constitutes a second legal case, entailing additional depositions, interrogatories, document requests, email correspondence, bank records, contracts, On-Demand Liquidity (ODL) transactions, and more.
Ripple is likely to make efforts to reduce the anticipated $770 million penalty by seeking to exclude On-Demand Liquidity (ODL) transactions and minimize other related costs.
Ripple Continues to Make New Partners
In an era when numerous companies were trimming their workforce, the attorney highlighted that Ripple was actively recruiting, underscoring the company’s resilience. Deaton also emphasized that the legal challenges confronting Ripple were driven by bias, conflicts of interest, and compromised positions within the SEC. He firmly asserted his belief that XRP does not qualify as a security, a perspective echoed by many industry experts.
Deaton’s remarks come in the wake of a significant victory for Ripple. Just earlier this week, Judge Analisa Torres issued an order formally dismissing all charges against Ripple executives in connection to the alleged sale of XRP tokens, rekindling optimism among Ripple’s supporters.
