Renowned cryptocurrency attorney John E. Deaton has offered analysis of the XRP case filed by Ripple Labs against the Securities and Exchange Commission (SEC). They contend that the corporation would achieve a major legal win with a payment of $20 million or less.
Deaton, who recently made an appearance on social media, vehemently disputed the notion that the lawsuit’s resulted in a 50-50 split for the SEC, asserting that Ripple was given a greater 90-10 edge. Stuart Alderotti, Chief Legal Officer of Post Ripple, brought attention to yet another legal defeat for the SEC, which served as the impetus for Deaton’s remarks.
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Deaton’s perspective is in line with the mood of the cryptocurrency community, which believes that Ripple would benefit from the proposed $20 million settlement. This analysis takes into account both the general regulatory framework for digital currencies and the possible results of the XRP litigation.
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The article by Stuart Alderotti continues the narrative, stating that the SEC lost again this week, carrying on a run of bad luck. Alderotti claims that the Second Circuit decided in the SEC v. Govil case that the SEC could not ask for a significant discount amount unless it could provide proof of genuine financial harm to “investors.” This suggests, in essence, that there is no punishment if there is no loss.
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The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the business was selling unregistered securities through the sale of its own cryptocurrency, XRP.
Judge Analisa Torres’ decision that the asset was not a security when exchanged in the secondary market ultimately established a precedent. The case underwent notable modifications as well, with the accusations against the Ripple executives being lowered.
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Regarding the SEC and Ripple’s combined request to provide a briefing schedule to address institutional sales of XRP, Judge Torres just authorised an order.
This has to do with the portion of the XRP case where the business was charged with breaking securities laws. Judge Torres gave the parties until November 9 to submit a joint briefing schedule.
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