- John Deaton favours the defendant, Ripple over SEC
- The pro-XRP lawyer is highly vocal about Ripple and its win against the SEC in one of the longest-running lawsuits in the crypto domain.
John Deaton, the Pro-XRP lawyer who has spoken in favor of Ripple many times, has once again predicted the win of crypto against the regulators. Heavily favoring Ripple over the United States Securities and Exchange Commission in long-running litigation, he said that the latter stands less than a 3% chance of winning.
Ripple has a 25% chance of winning
In December 2020, the SEC filed a lawsuit against Ripple accusing the token to be an unregistered entity. After 3 years now, it is one of the extended trials of the crypto sphere. And since the beginning, John Deaton has been speaking in favor of the defendant. On June 3, Deaton said that Ripple has a 25% chance of winning against the regulatory body.
He also claimed that Ripple will win the case, however, the ruling wouldn’t favor any of the parties. He aired his view on the Good Morning Crypto podcast while mentioning the US District Judge Torres too. Commenting on the erstwhile Director William Hinman and the Hinman documents, he said that this judgment will be settling the issue once and for all.
The progress in the suit
In 2018, Hinman’s internal message revealed that he believed in the transformation of crypto assets from securities to commodities with an extent of decentralization. He further mentioned that XRP has gone beyond the ambit of secondary market sales. And even if Judge Torres says that Ripple has violated the law, it won’t be really applicable anywhere.
Meanwhile, Ripple CEO Brad Garlinghouse along with other executives seem to be a little relieved with this prediction. They all have been anticipating an end to this lawsuit and Deaton indicated that it will be over before September this year.
He also pointed to a “six-month list” that is a detailed summary of lawsuits pending for more than 6 months. It is submitted to Congress and gets published on the last day of March and September. Deaton dubbed it as a public shame list that Judge Torres don’t want to get into. He says that it would tarnish her reputation and tell the world that she’s doing a pathetic job.
In addition to that, Deaton shared his predictions regarding the price of Ripple’s native token XRP. He went on to predict the amount to be between $2 and $10. In an interview given to Cointelegraph on May 22, he also advised the community members to be watchful about the news on June 13. On this date, we’ll get to know how the disclosure of Hinman’s account affects the proceedings. We’ll know if the SEC members actually discussed XRP before the former director’s speech.
Also, if you’re to believe the rumors surfacing in the community, Ripple may announce an IPO soon to become a public company. Eleanor Terrett, a Fox Business journalist shared a post on June 2 about a “roadshow” organized by the company. According to her, its motive was to get investors and underwriters to support the public offering.
Conclusion
According to Deaton, the ruling is going to favor Ripple undisputedly. However, it would be interesting to see how things pan out. While investors are hopeful about XRP’s victory, the concerns regarding the nature of the assets also need to be addressed.
