XRP holder’s lawyer John Deaton has recently provided analysis and insight into the Ripple vs SEC case, shedding light on the potential impact of the outcome on XRP holders. Deaton, the founder of Crypto Law, believes that even if the case does not go in favor of Ripple, it would have little to no impact on XRP holders. This statement was made in reference to the 75K list, which consists of over 75,000 XRP holders that Deaton represents.
The 75K list, curated by Deaton, serves the purpose of identifying certified XRP holders with genuine claims in the case of any possible monetary recovery and compensation in the SEC vs Ripple case, as well as the civil litigation against Ripple. It was created after the US regulator, the SEC, filed a lawsuit against Ripple for listing XRP, which the SEC considers an unregistered security. As of now, the list represents over 75,800 XRP holders who support Ripple in its legal battle against the SEC.
Deaton, addressing the concerns of critics, clarified that joining the list does not mean XRP holders waive any rights or benefits. On the contrary, he assured his followers that if any money designated for XRP holders becomes available from either the civil or SEC case, he would likely be contacted to distribute the funds to the XRP holders he represents. The regulator is legally obligated to provide notice to XRP holders regarding any potential recovery, making it likely that Deaton would receive such information.
In response to those who argue that joining the 75K list and asserting that XRP is not a security is detrimental, Deaton dismissed their claims and labeled them as uninformed. He emphasized that investors have the right to take a stance that an asset is not a security, and even if the court rules otherwise, they should not be punished for their beliefs.
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If the SEC wins its more-than-two-year-long lawsuit against Ripple, the civil case is unlikely to result in any significant monetary recovery. Instead, the SEC would receive the funds and create a reimbursement fund for XRP holders. To compound the situation, Ripple is likely to appeal the summary judgment if it is not in their favor. In this scenario, the case may escalate to the Supreme Court, which can extend the duration of the legal battle by another 2-5 years.
The prolonged duration of the enforcement action is a cause for concern among many individuals closely following the case. Ripple’s CEO, Brad Garlinghouse, anticipated that the lawsuit would be resolved with a summary judgment from Judge Analisa Torres. However, several months have passed since that prediction, and no verdict has been reached.
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In conclusion, John Deaton, a prominent lawyer representing XRP holders, believes that even if Ripple loses the SEC case, it will have little impact on XRP holders. He emphasizes the importance of the 75K list in identifying certified XRP holders for potential monetary recovery. Additionally, Deaton suggests that Ripple may seek recourse in the Supreme Court if the SEC wins, potentially prolonging the legal battle. It remains to be seen how the case will unfold, but XRP holders continue to closely follow the developments with the support of their representative, John Deaton.
