- Prominent XRP lawyer says Ripple’s victory against the SEC is imminent.
- He says the chances of the SEC winning is less than 3%.
- The crypto community eagerly awaits Ripple’s victory.
Ripple’s long-fought XRP case against the SEC seems to finally be drawing to a favorable close for the crypto community. According to John Deaton, a prominent lawyer supporting XRP, there is less than a 3% chance of the Securities and Exchange Commission (SEC) winning its case against Ripple.
The lawsuit, which began in December 2020, accuses Ripple of conducting an unregistered securities offering through the sale of its XRP token. Deaton believes there is a 25% chance that the presiding judge will rule in Ripple’s favor outright and a 50% chance of a “splitting the baby” ruling, where XRP is considered an unregistered security before 2018.
Deaton’s assessment takes into account the recently revealed Hinman documents, which suggest that cryptocurrencies can transition from securities to commodities as they become more decentralized. He believes that XRP will ultimately be deemed not a security and that any ruling against Ripple would not affect secondary market sales.
While Ripple’s CEO, Brad Garlinghouse, has anticipated the end of the lawsuit, Deaton expects a final decision from Judge Torres before September 30 of this year. He also draws attention to a “six-month list” that district judges must file to Congress, which contains pending summary judgments older than six months. Judge Torres has never appeared on this list, indicating a swift resolution to the case.
Regarding the price of Ripple’s native token, XRP, Deaton predicts that it could reach somewhere between $2 and $10 following a favorable ruling. Additionally, there are rumors circulating about Ripple potentially pursuing an initial public offering (IPO) after the conclusion of the lawsuit.
A tweet from Fox Business journalist Eleanor Terrett suggests that Ripple has engaged in a “road show” to generate interest among underwriters and potential investors for a public offering.
I want to be clear here that @Ripple does not have underwriters. In my original tweet, I was trying to convey the definition of a real road show (where company's do have underwriters) and happens when they're very close to going public. The meeting in April was originally… https://t.co/TaneoAyhT6
Read CRYPTONEWSLAND ongoogle news — Eleanor Terrett (@EleanorTerrett) June 2, 2023
Investors and Ripple’s community are eagerly awaiting June 13, as it is expected to shed light on whether XRP was discussed among SEC staff before the Hinman speech. This disclosure of the Hinman materials could significantly impact the case’s outcome.
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