2023-6-7 14:30 |
Positive signs have come out of Ripple and XRP spaces in the past week as its case with the Securities and Exchange Commission (SEC) nears its end. Who comes out victorious will set a landmark precedent in cryptocurrency regulation in the future, experts say.
A web3 lawyer, John Deaton says there is only a 3% chance that the SEC will win its case against Ripple. While he conceded that the Commission might get some concessions, an outright win from the present realities will be impossible.
Deaton has been vocal in the defence of Ripple since the SEC filed its case against them and two executives, Brad Garlnghouse and Chris Larsen. The founder of CryptoLaw, while speaking on The Good Morning Crypto Podcast, stated that there is a 25% chance of an outright win by Ripple.
He explained his position by noting that Judge Torres will likely “split the baby”, with Ripple claiming most of the victory. Deaton illustrated his position by claiming that Judge Torres could rule that XRP offered before 2018 was a security. This is hinged on the Hinman documents, a speech made by a former SEC director in 2018, therefore, digital assets can become commodities if they are fully decentralized.
“I think that XRP itself is going to be deemed not a security and that I think that secondary market sales show comment. Even if [Judge Torres] does rule finding that Ripple violated the law, that doesn’t apply to secondary market sales,” Deaton noted.
At last!! The end is finally within sightRipple’s CEO Brad Garlinghouse, alongside other stakeholders, have predicted an end to the case in the coming months. According to Deaton, the case would be concluded before Sept 30 because of the “six-month list” judges have to file. The list which is published in March and September, highlights all summary judgments pending more than six months.
“She has never been on this list. It’s like a public shame list that says, ‘Look I’m shitty at my job,” he added.
Deaton also predicted the price of XRP post the case stating that the price could soar between $2 and $10. Deaton’s views have been justified by a renewed surge of XRP following a tweet from Fox Business reporter Eleanor Terret on Ripple hosting a roadshow with investors on the possibilities of going public soon.
At press time, XRP exchanges hands at $0.52, surging over 11% in the past ten days.
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