The lawyer in favor of XRP John Deaton has stated that there is less than a 3% chance that the United States Securities and Exchange Commission will win a resounding victory against Rippleas the end of the long lawsuit nears.
CryptoLaw founder has been a staunch supporter of Ripple in its battle against the SEC; it filed a lawsuit against the company in December 2020, alleging that the sale of its XRP token (XRP) represented an unregistered offering of securities.
In a June 3 episode of podcast The Good Morning Crypto, Deaton said there was a 25% chance that US District Judge Torres would rule entirely in Ripple’s favor, and a 50% chance that Ripple would claim victory via a “split the baby” ruling..
This refers to Judge Torres “drawing a line in the sand” where she could potentially rule that XRP was offered as an unregistered security prior to 2018.. However, following the Hinman documents – which refer to internal SEC messages related to a speech made in 2018 by former SEC head William Hinman, it is possible that cryptocurrencies could move from securities to assets once they are sufficiently decentralized.
“I think XRP itself is going to be seen as not a security, and secondary market sales show feedback. Even if [la jueza Torres] rules that Ripple violated the law, that does not apply to secondary market sales,” Deaton explained.
Although Ripple executives, including CEO Brad Garlinghouse, have long predicted an imminent end to the roller coaster of SEC lawsuits, Deaton stressed that Judge Torres will most likely reach a final decision before September 30 of this year..
Deaton drew attention to what he called a “semi-annual list” that district judges must submit to Congress.. The list details all summary trials that have been pending for more than six months. It is published on the last day of March and the last day of September.
“She [la juez Torres] has never been on this list. It’s like a public shaming list that says ‘look I suck at my job’”
Besides, Deaton also gave his predictions for Ripple’s native XRP token price following a positive ruling..
“I certainly think somewhere between $2 and $10 is reasonable.”
Speaking to Cointelegraph on May 22, Deaton said the Ripple community should also keep a close eye on June 13, when investors will find out if SEC staff really discussed “before Hinman’s speech.”. This date is when Hinman’s materials will most likely be unsealed and could have a drastic impact on the case.
Also Rumors are circulating that Ripple could go public as a public company after the conclusion of the trial.
NEW: In April, @Ripple hosted a private “road show” (a marketing event where a company and its underwriters meet with potential investors to generate interest in an IPO). I’m told it was attended by just about every reputable institutional investment firm on the Street.
— Eleanor Terrett (@EleanorTerrett) June 1, 2023
NEW: In April, @Ripple hosted a private “road show” (a marketing event where a company and its underwriters meet with potential investors to generate interest in an IPO). I’m told that almost every big-name institutional investment firm on the street attended.
According to a tweet of June 2 from Fox Business journalist Eleanor Terrett, Ripple hosted a “road show” meeting with underwriters and other investors to gather interest in a potential public offering.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.