Pro-XRP attorney John Deaton has given the SEC a less than 3% chance of winning outright against Ripple, as the long-running lawsuit draws to a close.
The founder of CryptoLaw has been an outspoken defender of Ripple against the Securities and Exchange Commission, which sued the company in December 2020, alleging that the sale of the XRP token (XRP) constituted an offering of unregistered securities.
On the June 3 episode of Good morning coding PodcastDeaton said he gave a 25% chance that a US district judge will rule in Torres’ favor, and a 50% chance that Ripple will claim victory via a “child split” ruling.
This points to Justice Torres “drawing a line in the sand” as she could rule that XRP was offered as an unregistered security prior to 2018. However, in the wake of Hinman’s documents — which refer to internal SEC letters related to the 2018 letter — Grant By Former SEC Director William Hinman – It is possible for cryptocurrencies to shift from securities to commodities once they become decentralized enough.
(embed) https://www.youtube.com/watch?v=Wc5nbPb4-cw (/embed)
“I believe that XRP itself would not be considered a security and I believe that secondary market sales show suspension. Even if (Judge Torres) finds a ruling that Ripple violated the law, this does not apply to secondary market sales,” Deaton explained.
While Ripple executives, including CEO Brad Garlinghouse, have long predicted an imminent end to the SEC lawsuit, Deaton confirmed that Judge Torres will likely reach a final decision before September 30 of this year.
Deaton drew attention to what he called the “six-month list” that district judges must submit to Congress. The list details all summary sentences that have been pending for more than six months. It is published on the last day of March and the last day of September.
She (Justice Torres) wasn’t on that list. It’s like a public list of shame that says ‘Look, I’m pissed off at my job.'”
In addition, Deaton also provided his price prediction for Ripple’s Node token XRP after a positive ruling.
“I definitely think somewhere that $2 and $10 is reasonable.”
Related: Pro-XRP lawyer phone hacked to promote LAW token
Speaking to Cointelegraph on May 22, Deaton said that the Ripple community should also be watching closely on June 13, when investors will find out if XRP has actually been discussed “among SEC staff prior to Hinman’s speech.” This date is the date Hinman materials are most likely to be opened and could have a significant impact on the can.
There are also circulating rumors about the possibility of Ripple going public as a public company after the conclusion of the lawsuit.
New: in April, @ripple It hosted a special “roadshow” (a marketing event in which the company and its underwriters meet with potential investors to generate interest in the initial public offering). I’m told it’s been attended by just about every reputable institutional investment firm on the street. https://t.co/fyTzi6pr0W
– Eleanor Terrett June 1, 2023
According to Jun 2 tweet From Fox Business journalist Eleanor Territt, Ripple hosted a “road show” where it met with underwriters and other investors to generate interest in a potential IPO.
Crypto Twitter Hall of Flame: Pro-XRP Attorney John Deaton ’10x More in BTC, 4x More in ETH’
