Pro-XRP advocate John E. Deaton has shared the final dates for the much-anticipated Ripple and SEC case, shedding light on the upcoming proceedings and potential outcomes of the legal battle.
In a recent live video on his official YouTube Channel, Crypto Law TV, Deaton offered detailed insights into the case between Ripple, the company behind XRP, and the United States Securities and Exchange Commission (SEC). The dates of the final case were revealed as per the court’s instructions by US District Judge, Analisa Torres.
Per the remedies and discoveries filing, the court has directed both Ripple and the US SEC to conclude all remedies-related discovery by February 12, 2024. Following this, the plaintiff (US SEC) is required to file its brief regarding the remedies by March 13, 2024. Ripple, as the defendant, would then be allowed to file its opposition by April 12, 2024. Lastly, the plaintiff is expected to file its response to the defendant’s opposition by April 29, 2024.
Deaton has suggested that the final resolution of the Ripple and SEC lawsuit might occur in July, during the summer.
Deaton has made bold predictions regarding the potential outcomes of the Ripple and SEC case. According to him, Ripple may end up paying lower damages than initially demanded, potentially being less than what the company has spent in attorney fees thus far.
With over $200 million spent on legal costs in the ongoing lawsuit with the SEC, Ripple has been engaged in a protracted legal battle with the regulatory body since 2020. Deaton’s predictions are based on various factors, including his assessment of the $770 million disgorgement fine issued by the regulatory agency to Ripple. He has identified several elements within the case that could significantly reduce the original charge.
Factors such as sales of On-Demand Liquidity (ODL) and XRP outside the United States, where XRP is not considered a security, could potentially lead to a substantial reduction in the $770 million fine. Additionally, Deaton pointed out that the case between the SEC and Ripple did not involve fraud, compelling the regulatory agency to provide documents related to the alleged victims harmed by XRP sales.
The majority of institutional investors, according to Deaton, have not suffered any harm as they likely purchased XRP tokens at a price lower than the current value. Many XRP holders have also attested that they did not experience harm from XRP sales. However, they did incur losses due to the SEC’s attempted enforcement actions against the crypto firm.
The chart above indicates the current XRP price holding at $0.62, highlighting the ongoing market dynamics. The case has generated significant interest within the cryptocurrency community, and the final resolution is eagerly awaited by market participants and enthusiasts alike.
In conclusion, Deaton’s insights provide a comprehensive overview of the final dates and potential outcomes of the Ripple and SEC case. With the legal battle set to unfold over the coming months, the crypto community is bracing for a definitive conclusion as both parties navigate through the remaining legal proceedings.