SEC Demands $700 Million Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps
2023年10月27日 - 6:45PM
NEWSBTC
The US Securities and Exchange Securities Commission (SEC) and
Ripple Labs are expected to proceed to finalize a settlement
following the official dismissal of the former’s claims against
Ripple’s CEO Brad Garlinghouse and its co-founder Chris Larsen. In
line with that, pro-XRP legal expert John Deaton has revealed how
the settlement will play out. A Settlement Isn’t Going To Be
Straightforward In a post shared on his X (formerly Twitter)
platform, Deaton mentioned that he doesn’t believe “there has been
a single serious conversation regarding settlement” between the SEC
and Ripple alongside its executives. He said that the Commission is
“pissed and embarrassed and wants $770M” as a fine for Ripple’s
violation of securities laws. Related Reading: Forget 2023, Here
Are The Major XRP Price Predictions For 2024 He further noted that
the penalty phase isn’t as straightforward as some may think, as it
is “like a second case” but one that requires more depositions,
interrogatories, requests for the production of documents, emails,
bank statements, contracts, and ODL transactions. The process
is also made more difficult as while the SEC is insistent on a $770
million fine, Ripple wants to “drastically reduce” the figure, as
Deaton stated. To achieve this, Ripple will be looking to exclude
the ODL transactions, which the SEC may claim are under
institutional sales that violated securities laws. Deaton
also alluded to the SEC’s case against the decentralized
content-sharing platform LBRY, which took “eight months of
additional litigation” before the Judge ordered that the platform
pay a fine of $111,614 to the Commission. That case was also not
straightforward as both parties had to file multiple briefs again,
and depositions were taken. How The SEC’s Case Against Ripple
Could Play Out As to when a final judgment could come from Judge
Analisa Torres, Deaton doesn’t foresee one until late summer “at
the earliest.” With that in mind, he mentioned that it could take a
full year before the SEC (or even Ripple) gets the chance to file
an appeal in this case. Related Reading: Crypto Analyst Says
Bitcoin Is At A High Premium, How To Trade It The lawyer once again
mentioned the role that Coinbase’s Motion To Dismiss (MTD) could
play in this case and a potential settlement. He said that the SEC
“will be forced to pivot its anti-crypto agenda and then work out a
possible settlement with Ripple” if Judge Failla grants the
motion. However, a settlement is unlikely if the crypto
exchange were to lose its MTD. Coinbase is asking the judge to
dismiss the SEC’s case against it, arguing that the Commission
doesn’t have jurisdiction over its activities. Hearing of
Coinbase’s oral argument is slated for January 17, 2024, with a
ruling likely to come within 60 to 120 days after. XRP drops
to $0.54 | Source: XRPUSD on Tradingview.com Featured image from
Shutterstock, chart from Tradingview.com
Ripple (COIN:XRPUSD)
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Ripple (COIN:XRPUSD)
過去 株価チャート
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