- Pro-XRP lawyer claims that there has not been any serious conversation in regard to a settlement between the U.S. SEC and Ripple.
- Attorney Deaton does not expect a final judgment from Judge Torres until late summer with the Coinbase case having a great influence on any potential settlement.
Pro-XRP lawyer John Deaton has shared his latest views on the ongoing SEC vs. Ripple case. Despite popular belief that the two parties are seeking a settlement deal outside of court, the lawyer believes that there hasn’t been a single serious conversation seeking the same. This is a huge surprise for many XRP supporters since Judge Torres has been pushing for a settlement, recently ordering the two parties to hold a meeting in person, for up to one hour to discuss possible settlement deals.
Of note, The SEC has rescinded its charges against Ripple executives, Chris Larsen and Brad Garlinghouse. The judge has already signed the papers and the court date slated for the April 2024 trial was cancelled. This has raised speculation of a possible settlement or outright win for Ripple in its case.
Read More: Ripple’s Redemption: SEC Withdraws Charges, But What’s Next?
The lawyer poses that the reason the SEC is not interested in a settlement is that it is angry, “embarrassed, and wants $770M worth of flesh.” This has suggested that the SEC has demanded this amount to settle the case against Ripple.
Drawing a comparison to the SEC vs. LBRY case, the lawyer warns that this case is far from over. In this case, the SEC sought $23 million from the project, and after 8 months in a legal tussle, the presiding judge ultimately issued a fine of $130,000. Based on this outcome, the lawyer predicts;
I don’t expect a final judgment, issued by Judge Torres, until late summer, at the earliest. It literally could take a full year before an appeal is filed in this case.
Does the Coinbase Case Influence Ripple (XRP)?
The lawyer further points to the SEC vs. Coinbase case filed earlier this year. The SEC has accused crypto exchange Coinbase of operating its crypto asset trading platform as an unregistered securities exchange. The lawyer believes that if Coinbase can win its motion to dismiss, “ the SEC will be forced to pivot its anti-crypto agenda and then work out a possible settlement with Ripple. On the other hand, if the SEC wins, the lawyer sees no possibility of a settlement.
January 17, 2024, has been set as the day for the oral argument on the Coinbase motion. However, a ruling could take between 60 to 120 days.
The lawyer concludes that Ripple will spend millions trying to reduce the $770M that the SEC seeks to penalize. It is assumed that if Ripple can get a favorable amount, it will look to settle the case, saving millions in legal fees and refocusing on development and expansion.
