Lawyer outlines Ripple-SEC settlement path amid Coinbase case impact

Must read

“He is a world class player” – Mikel Arteta and Kai Havertz heap praise on Arsenal star after win over Newcastle United

Mikel Arteta and Kai Havertz lauded midfielder Jorginho following Arsenal's emphatic 4-1 win over Newcastle United in the Premier League on...

Last Epoch Referral Code system explained (Bee Pet guide)

If you are looking to get your hands on the Bee Pet in Last Epoch, you will...

Luis Enrique reveals impact of Kylian Mbappe to Real Madrid rumors on PSG players

Paris Saint-Germain (PSG) manager Luis Enrique has suggested that his players are unaffected by talks of Kylian...

Gene Haas’ refusal to onboard a $20,000,000 sponsor to the team forced Guenther Steiner to resign from his TP position – Reports

F1 pundit Jack Plooij claimed that former Haas team principal Guenther Steiner resigned from his position after...

John Deaton clarified that even if an appeal were possible in such a situation, the agency’s authority would be diminished.

6818 Total views

37 Total shares

Lawyer outlines Ripple-SEC settlement path amid Coinbase case impact

Amid speculation regarding a potential resolution between Ripple and the United States Securities and Exchange Commission (SEC), pro-XRP lawyer John Deaton, representing numerous XRP (XRP) tokenholders, has outlined the possible steps the two parties might take if they opt for a settlement.

Deaton highlighted the significance of the ongoing Coinbase vs. SEC lawsuit. He explained that if the judge in the Coinbase case grants the exchange’s motion to dismiss, it would indicate that token sales on the exchange are not subject to U.S. securities laws. However, it wouldn’t apply to crypto staking.

He explained:

“The only way Ripple and the SEC (could) settle before the end of the year is if Judge Failla grants the Coinbase motion to dismiss or partially grants it – finding token sales on an exchange in a blind bid/ask transaction do not fall under U.S. securities laws”

Should the motion to dismiss be approved, the SEC’s ability to pursue an appeal would be considerably constrained, making a settlement a logical option. Deaton clarified that even if an appeal were possible in such a situation, the agency’s authority would be diminished.

The only way @Ripple and the @SECGov settle before the end of the year is if Judge Failla grants the @coinbase MTD (or partially grants it – finding token sales on an exchange in a blind bid/ask transaction do not fall under U.S. securities laws but allows the staking component… https://t.co/0KzGT1l0OI

— John E Deaton (@JohnEDeaton1) September 2, 2023

In a Sept. 1 filing, Ripple indicated that the summary judgment did not address the legal basis for the interlocutory appeal. Its opposition was rooted in the argument that the agency had strayed from the established legal perspective, specifically regarding the application of the Howey test to XRP token sales.

The SEC initiated a lawsuit against Ripple, its CEO Brad Garlinghouse and its co-founder Chris Larsen in December 2020, causing several exchanges to remove XRP to avoid potential legal complications. However, after a positive ruling by Judge Analisa Torres in July, many exchanges indicated their intention to relist the token.

Related: Ripple legal team opposes SEC appeal over XRP decision

In 2023, the SEC has pursued various cryptocurrency firms on allegations of securities violations, including Binance and Coinbase. On Aug. 29, asset manager Grayscale secured a legal victory against the SEC through an appeal that mandated a review of its application for a spot Bitcoin exchange-traded fund.

Magazine: Get your money back: The weird world of crypto litigation

More articles

Latest article

“He is a world class player” – Mikel Arteta and Kai Havertz heap praise on Arsenal star after win over Newcastle United

Mikel Arteta and Kai Havertz lauded midfielder Jorginho following Arsenal's emphatic 4-1 win over Newcastle United in the Premier League on...

Last Epoch Referral Code system explained (Bee Pet guide)

If you are looking to get your hands on the Bee Pet in Last Epoch, you will...

Luis Enrique reveals impact of Kylian Mbappe to Real Madrid rumors on PSG players

Paris Saint-Germain (PSG) manager Luis Enrique has suggested that his players are unaffected by talks of Kylian...

Gene Haas’ refusal to onboard a $20,000,000 sponsor to the team forced Guenther Steiner to resign from his TP position – Reports

F1 pundit Jack Plooij claimed that former Haas team principal Guenther Steiner resigned from his position after...

“The important thing is to try” – Barcelona star makes bold title comments after win over Getafe

Barcelona star Joao Felix commented on his club's role in the title race this season after beating...