XRP Supporters Stuck between Settlement or Decision in Ripple vs. SEC case  

One of the spurring question in the mind of XRP community at present is that, where will Ripple vs. US Securities and Exchange Commission (SEC) case lead. Its supporters are expecting a settlement with the U.S. government agency.

John E. Deaton, who is a crypto lawyer representing 75,000 XRP investors in the case filing an amicus brief. In a poll on Twitter regarding weightage of the desired outcome of the case in 2023 on Ripple’s side, 59% out of 18,000 people voted expected a settlement between the two. 

A sudden change in thoughts of Deaton was seen, when he wrote on Twitter, “Thus, I am in the 39% who answered the poll believing that we will get a decision by Judge Torres.” 

Mr. Deaton, founder of Crypto-Law.us, also mentioned in a long Twitter thread: “ It was my opinion, that if the emails were extremely valuable to Ripple AND extremely damaging to the SEC, the SEC would settle BEFORE turning over the emails, drafts and comments. That didn’t happen. Instead, Ripple has now cited the Hinman emails in its opposition Briefs.”

In April 2022, Ripple Labs CEO Brad Garlinghouse said at the Paris Blockchain Week Summit that, “The lawsuit has gone exceedingly well, and much better than I could have hoped when it began about 15 months ago,” he added, “But the wheels of justice move slowly,” told CNBC. 

According to The Wall Street Journal, the SEC accused Ripple of illegally obtaining $1.4 billion from XRP sales, violating investor-protection laws. Co-founder Christian Larsen and CEO Garlinghouse were also sued in the lawsuit filed by the U.S agency in December 2020. Whereas the firm noted that XRP are meant for enabling international payments and not included in investment as stated by SEC. 

According to media reports, Ripple’s General Counsel posted on Twitter on October 21, 2022: “Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them.”

Fortunately, XRP supporters may have good news in the time ahead, Ripple may have the upper hand against the SEC. In the past days, as per the latest statements of the U.S. Department of Justice, which classified two cryptocurrency, namely CRV and MNGO as “commodities.” Those can serve as a valid reference point for Ripple’s lawyers in ongoing case.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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