- Ripple’s legal battle with the SEC is expected to conclude by September.
- XRP lawyer John E. Deaton predicts a 25% chance of an outright victory for Ripple.
- Deaton believes XRP will be deemed not a security, and secondary market sales won’t be affected.
Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) is expected to conclude by the end of September, with a 25% chance of an outright victory for Ripple, according to prominent XRP lawyer John E. Deaton.
During an interview with Good Morning Crypto, the XRP lawyer shared his insights on the ongoing SEC-Ripple case. According to Deaton, Judge Analisa Torres, who presides over the case and has a track record of issuing major rulings approximately every four months, is expected to conclude the case soon.
In line with Ripple CEO Brad Garlinghouse’s predictions, Deaton also shared his anticipation that Judge Torres will deliver a verdict before September 30. This expectation is based on the procedural obligation of district judges to submit a comprehensive “six-month list” to Congress, which highlights pending summary judgments that have surpassed the six-month threshold.
She [Judge Torres] has never been on that list. I don’t see her ever letting it go past that where she is going to report herself.
Deaton conveyed his assurance that Judge Torres would be unwilling to be included in such a list, likening it to a public shame list that says, “Look, I am shitty at my job, I do not do my job.”
In addition, Deaton estimated that an outright victory for the SEC is less than 3%, while an outright victory for Ripple, where early sales are not deemed as a violation, stands at 25%. When asked about the potential ruling, Deaton opined:
I think that XRP itself is going to be deemed not a security. I think that on secondary market sales she’ll comment, that even if she does do a ruling finding Ripple violated the law, that doesn’t apply to secondary market sales.
Deaton expressed optimism regarding the release of the Hinman Speech Documents, which state that Ethereum (ETH) is not a security. He believes that once these documents become public, a judge ruling will follow shortly thereafter, which is likely to be favorable news for the XRP community.