When it comes to Ripple XRP lawsuit news, reputable crypto attorney John Deaton has recently stated that a settlement of $20 million or less would be ‘legal victory’ in its battle against the US Securities and Exchange Commission (SEC).
The people who’ve argued that the SEC got a 50-50 victory in the @Ripple case are ???? wrong. It was more like 90-10 in Ripple’s favor. If Ripple ends up paying $20M or less it’s a 99.9% legal victory. https://t.co/Xe6SYBiTCJ— John E Deaton (@JohnEDeaton1) November 4, 2023
Such statement came in response to an X (formerly Twitter) post made by Ripple’s Chief Legal Officer Stuart Alderoty, which reported on another legal setback to the Gary Gensler-led organisation.
Further, Alderoty’s post touched on the SEC vs. Govil case, which recently saw the US Court of Appeals for the Second Circuit rule that the SEC cannot request a substantial disgorgement award without first demonstrating actual financial harm to ‘investors’… or in the words of Alderoty, if ‘no harm’ is felt by investors, ‘no foul’ can be enforced on the entities selling the tokens.
Ripple XRP Lawsuit News: Some Context
Additionally, Deaton’s publicly-made opinion comes in response to industry onlookers who believe that the SEC’s somehow in a favourable position in wake of July’s landmark court ruling.
For those unbeknownst, the ongoing feud between the SEC and Ripple Labs dates back to December 2020, when the regulator first began investigating the prospect of its XRP ($XRP) sales being ‘unregistered securities’ offerings. In turn, this also entailed the suing of the company’s top execs, Brad Garlinghouse and Chris Larsen.
Furthermore, July 2023 marked a pivotal moment in the multi-year case, as US District Judge Analisa Torres (Southern District of New York) ruled XRP as ‘not a security’ when traded on secondary markets.
For a full rundown on how such an outcome came to be - and how it now holds influence over the crypto space at large - visit this article.
And when it comes to more Ripple XRP lawsuit news, Torres recently approved the SEC’s and Ripple’s joint request to to propose a briefing schedule for discussing ‘institutional sales’ of XRP - which, as the above article explains, relates to particular XRP sales that did in-fact breach securities laws.
Come no later than Thursday of this week (November 9th), the two parties should’ve completed this action (which essentially entails providing proficient and succinct information on the matter).
Even More Ripple XRP Lawsuit News
The price of XRP has been on the rise since mid-October, with considerable momentum being felt last week as Ripple announced approval wins in the jurisdictions of Dubai and Georgia.
In practice, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime - a legal framework that’ll now allow licensed firms in the Dubai International Financial Centre to offer XRP to clients as part of their DeFi services.
On the same day, Ripple announced that it will be working alongside the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot - a rather bearish centralised project that’ll now be utilising Ripple innovations to fuel the country’s CBDC ambitions.
Nonetheless, you can most-certainly expect even more Ripple XRP lawsuit news in the coming weeks, especially as speculation regarding Ripple’s potential initial public offering (IPO) continues to build momentum.
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This article is intended for educational purposes and is not financial advice.