{"id":181432,"date":"2023-10-26T15:20:50","date_gmt":"2023-10-26T09:50:50","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=181432"},"modified":"2023-10-26T15:20:50","modified_gmt":"2023-10-26T09:50:50","slug":"pro-ripple-lawyer-predicts-prolonged-legal-battle-hints-at-settlement-factors-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/pro-ripple-lawyer-predicts-prolonged-legal-battle-hints-at-settlement-factors-crypto-news\/","title":{"rendered":"Pro-Ripple lawyer predicts prolonged legal battle, hints at settlement factors – Crypto News"},"content":{"rendered":"
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Pro-Ripple lawyer John Deaton said he expects a lengthy legal process in the United States\u00a0Securities Exchange Commission (SEC) vs. Ripple case<\/a>\u00a0\u2014\u00a0possibly lasting a year. Deaton suggested that a settlement may only be considered if Coinbase\u2019s motion to dismiss<\/a>\u00a0the SEC\u2019s case against it is successful.\u00a0<\/p>\n

In a detailed post<\/a> on X (formerly Twitter), Deaton discussed the lack of serious settlement talks between Ripple, its executives and the SEC. He mentioned the SEC\u2019s desire for a $770 million penalty and explained the complexities of the penalty phase involving various legal processes. He said:<\/p>\n

\u201cI do not believe there has been a single serious conversation regarding a settlement between Ripple, Brad Garlinghouse, Chris Larsen and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh\u201d<\/p><\/blockquote>\n

He explained that the penalty phase is a detailed process, akin to a second legal case, involving depositions, document requests, emails, financial records, contracts and on-demand liquidity (ODL) transactions. Deaton suggests that Ripple might aim to reduce the $770 million penalty by excluding ODL transactions and cutting down on additional expenses. He points to the LBRY case, where the SEC initially pursued $23 million but, after eight months of litigation, settled on a $130,000 fine.<\/p>\n

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As I said on @CryptoLawUS<\/a> TV yesterday with @attorneyjeremy1<\/a> and Thien-Vu, I do not believe there has been a single serious conversation regarding settlement between @Ripple<\/a> @bgarlinghouse<\/a> @chrislarsensf<\/a> and the @SECGov<\/a>. <\/p>\n

The SEC is pissed and embarrassed and wants $770M worth\u2026 https:\/\/t.co\/kcXvsrPgaa<\/a><\/p>\n

\u2014 John E Deaton (@JohnEDeaton1) October 25, 2023<\/a><\/p><\/blockquote>\n

Creating a timeframe, Deaton stated:<\/p>\n

\u00a0\u201cI don\u2019t expect a final judgment, issued by Judge Torres, until late summer, at the earliest. It literally could take a full year before an appeal is filed in this case.\u201c\u00a0<\/p><\/blockquote>\n

Deaton connected Ripple\u2019s case outcome with the SEC\u2019s lawsuit against Coinbase, stating that if the exchange succeeds in its motion to dismiss, the SEC may shift its stance on cryptocurrencies and consider a settlement with Ripple. However, if Coinbase\u2019s motion fails, he foresees no settlement.<\/p>\n

Related: <\/em><\/strong>Coinbase disputes SEC\u2019s crypto authority in final bid to toss regulator\u2019s suit<\/em><\/strong><\/a><\/p>\n

The oral argument for Coinbase\u2019s motion is scheduled for Jan. 17, 2024, with a decision likely to follow within 60\u2013120 days. Ripple is expected to face considerable legal costs during this period as it attempts to reduce the $770 million penalty.<\/p>\n

Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n

Magazine: <\/em><\/strong>Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Pro-Ripple lawyer John Deaton said he expects a lengthy legal process in the United States\u00a0Securities Exchange Commission (SEC) vs. Ripple case\u00a0\u2014\u00a0possibly lasting a year. Deaton suggested that a settlement may only be considered if Coinbase\u2019s motion to dismiss\u00a0the SEC\u2019s case against it is successful.\u00a0 In a detailed post on X (formerly Twitter), Deaton discussed the […]<\/p>\n","protected":false},"author":2,"featured_media":181433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-181432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=181432"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181432\/revisions"}],"predecessor-version":[{"id":181435,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181432\/revisions\/181435"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/181433"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=181432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=181432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=181432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}