- John E Deaton predicted the adverse effects of Ripple losing to the SEC in the ongoing SEC-Ripple lawsuit.
- Deaton argued that if the exchange fails in the legal battle, the consequences would be unfavorable for the XRP holders.
- The XRP lawyer added that Ripple would file for an appeal and is likely to win after the ruling timeline.
John E Deaton, the prominent XRP attorney, recently predicted the adverse effects of the prolonged SEC-Ripple lawsuit, alluding to the consequences of the beleaguered crypto firm Ripple losing to the Securities and Exchange Commission (SEC). The lawyer asserted that an unfavorable result for Ripple would be detrimental to the XRP community as the case would be extended with the firm filing for an appeal, resulting in a retained status quo.
In a tweet shared by Deaton on July 6, he commented that the company would file for an appeal in the Supreme Court if the regulators win, upon which he believes that Ripple would win “hands down”. He added that the Supreme Court would consider the appeal if “Congress hasn’t acted by then”.
Deaton’s tweet came in response to an XRP holder’s post addressing Deaton, in which the XRP spokesperson requested the lawyer to comment on the outcome of the case if the Judge concludes that XRP is a security.
Being an amicus, Deaton shares updates on the SEC-Ripple lawsuit, keeping his followers and the XRP community posted with the latest developments in the case. While clarifying the XRP holder’s doubts, the lawyer pointed out that though the firm’s appeal would result in extending the prevailing conditions of the legal war for two to five years, the court’s ruling timeline would probably end with a positive result for Ripple.
In addition, the XRP advocate also pictured a scenario in five years’ time, in which the company has lost all of its appeals. Deaton predicted the commission would collect an amount of around $1.3 billion, “not the civil plaintiffs”. Later, the SEC would offer a payback bestowing the XRP holders an amount to sell their tokens.
Deaton further opined that being on the list of over 75,000 XRP holders is beneficial because “a massive putative class of XRP holders is easily identifiable”. He referred to a group of people as morons as they claim that XRP’s title as security is not adverse if “there is one day a monetary recovery for XRP holders”. He exclaimed, “These morons have no idea what they’re talking about”.
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