Pro-XRP lawyer John Deaton, who represents around 75,000 XRP holders as a friend of the court, is keeping the XRP community informed about the SEC vs. Ripple lawsuit. An XRP holder asked attorney John Deaton for his opinion if the SEC wins the case.
Deaton stated that if the SEC wins, it would result in a period of status quo for two to five years. However, he believes that Ripple would appeal the decision to the Supreme Court and is likely to win.
According to John Deaton, if Ripple loses to the SEC, it may take years for any money to be collected, but only if Ripple loses on appeal. Deaton believes that Ripple would win if the Supreme Court takes up the case. If the SEC wins, Ripple will appeal, and the current situation will continue for 2-5 years.
Being on the 75K list is a good thing as it helps identify XRP holders. It doesn’t waive any rights, and joining the list doesn’t affect any potential monetary recovery. Deaton doubts that the civil case will lead to a significant outcome. If the SEC wins, it would collect the most money and offer the best option. Being on the list doesn’t waive anything, and it helps identify potential claims.
He wrote, “I believe Ripple hands down wins with this Supreme Court. If the SEC wins, Ripple will Appeal and the status quo that exists today will continue over the next 2-5 years. Assuming the SEC wins, and the civil case lawyers get a win because the judge in California follows Judge Torres’ ruling, Ripple will appeal that case as well and there will be no money for years, if ever. Five years from now.”
According to him, being wrong about whether an asset is a security does not result in punishment if a judge and appellate court rule otherwise. If there were a fund that allowed XRP holders to sell their holdings to the SEC or back to Ripple due to a civil lawsuit, being on the list would not be a hindrance. Anyone suggesting otherwise is mistaken.
Source: https://coinpedia.org/news/ripple-vs-sec-news-pro-xrp-lawyer-explains-what-might-happen-if-the-sec-wins/