Insights from Adv. Deaton: 2024’s Major Crypto Cases, featuring Ripple and Coinbase
Ripple vs SEC Judge Could Show Leniency Based on Legal XRP Sales and ODL’s Potential Impact
According to John Deaton, in a recent interview with Fox’s Eleanor Terrett, Judge Analisa Torres might take a lenient stance towards Ripple in their upcoming settlement. Deaton suggests that this leniency is due to Ripple’s non-fraudulent sales to institutional investors. This new perspective sheds light on the legal journey that lies ahead for Ripple.
As we move into 2024, Deaton predicts that a decision regarding Ripple’s penalties for their XRP token sales to institutional investors will be made. He highlights the legality of these sales outside of the United States and mentions the potential impact of On-Demand Liquidity (ODL). Speculation suggests that Ripple’s disgorgement of $770 million could be reduced to $20 million.
But there’s more to look forward to in 2024! Deaton, who has been a staunch supporter of the XRP community during the Ripple vs SEC case, now hints at supporting Coinbase in their legal battle with the SEC. His main focus is to protect the interests of individual token holders. If Coinbase’s motion to dismiss fails, Deaton plans to submit an amicus brief, advocating for the rights of customers and token holders.
Deaton argues that the asset sales were conducted through Coinbase, an intermediary, and not directly by the issuer. He believes that this could contribute to the success of Coinbase’s motion to dismiss. This viewpoint aligns with Coinbase’s call for clearer SEC guidelines, a topic that has been pending since the agency’s petition on June 14, 2023.
The possibility of an amicus brief being filed in the Coinbase lawsuit adds an intriguing twist. Deaton originally intended to file this brief on behalf of Coinbase customers if the motion to dismiss is unsuccessful. His aim is to emphasize that individuals and token holders should have a say in their representation, rather than solely relying on the U.S. SEC and Coinbase to protect their interests.
Furthermore, Deaton predicts a partial victory in the motion to dismiss, based on the argument that the asset sales occurred through an intermediary, not directly from the issuer. This aligns with Coinbase’s stance that the SEC’s references to older laws require clearer guidance for crypto companies, an aspect that the agency has yet to address following the rulemaking petition submitted on June 14, 2023.
This development sparks the question: Is XRP’s growth fueled by Bitcoin? John Deaton’s insights have ignited a debate on the matter. Additionally, some wonder if Coinbase is the next Ripple and if crypto regulation will finally become clearer. We invite you to share your thoughts on these matters.
Tags: Ripple (XRP)