The legal dispute between Ripple and the United States Securities and Exchange Commission (SEC) has taken several unexpected turns in recent weeks. In the latest development, both parties filed a joint brief schedule for remedies discovery and briefing on Thursday, November 9, which has sparked a range of reactions from within the crypto community. These reactions include predictions about the amount Ripple will potentially have to pay the SEC as well as analysis of recent changes in the XRP price.
Renowned attorney and vocal XRP supporter John Deaton has weighed in on the recent development in the Ripple vs. SEC legal saga. Deaton asserted that Ripple will not have to pay anything close to the $770 million in disgorgement that the SEC is seeking. Deaton pointed to the Morrison v. National Australia Bank Ltd. case as a strategic precedent that could benefit the payment company. In a series of tweets, he mentioned that the SEC seeks disgorgement related to XRP sales in the UK, Japan, Switzerland, and other countries, but the Supreme Court’s Morrison decision excludes those sales, and XRP is deemed a non-security in those and other jurisdictions. Deaton also explained that the XRP sales were legitimate in those jurisdictions, as declared by each country’s financial regulator.
Additionally, Deaton noted that after the deduction of the XRP sales to non-US investors, there will also be a deduction of sales to accredited investors. He also highlighted that the SEC’s case against Ripple is not a fraud charge, and the commission would have to tie the disgorgement to investors who were harmed. According to Deaton, most (if not all) institutional investors were likely not harmed by the XRP sales, as they likely purchased the tokens at a lower price than it is today.
In terms of XRP price overview, as of the time of writing, XRP is valued at roughly $0.671, reflecting a more than 2.3% price increase in the past 24 hours. The altcoin enjoyed renewed bullish momentum over the past week, with its value climbing by nearly 10%. Despite a 34.6% decline in trading volume in the past day, signaling a fall in market activity, XRP still ranks as the fifth-largest crypto asset, with a market cap of more than $36 billion.
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The potential impact of the ongoing legal dispute between Ripple and the SEC on the XRP market and its investors remains a matter of scrutiny and interest among the crypto community. As the case progresses and new developments arise, the outcomes will continue to influence the direction of XRP’s value and the market sentiment. This ongoing legal saga and its implications have attracted significant attention and continue to be a key topic of discussion and analysis within the crypto space.
