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XRP Lawyer Hints At Chances Of Ripple Winning SEC Case With A Fine
Ripple XRP SEC Case: Although attorney John Deaton believes there is a high chance of the XRP SEC case going to a jury trial, he said there was also a likelihood of XRP winning the lawsuit with a fine. Currently, the U.S. Securities and Exchange Commission (SEC) and Ripple are awaiting the summary judgement by the court. The case is primarily contested on the SEC’s argument that XRP is sold in the form of unregistered securities. The case dates back to December 2020, when Ripple was accused of raising over $1.3 billion illegally.
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Ripple’s Chances
The XRP lawyer believes the SEC’s stands a minute chance owing to proving that Ripple offered XRP as an unregistered security between 2013 and 2017. However, the argument stands true subject to correction whether Ripple did not sell XRP as a security beyond that period. Deaton made the comments in response to claims that Ripple sold XRP to users of on-demand liquidity for immediate cross border payments and not as a security-like instrument. This is different from the SEC’s view that the assets were always sold as unregistered securities.
“I believe the only victory for SEC is that Ripple offered XRP as unregistered security between 2013-2017.”
Hence, if this argument holds true in the court, Ripple could get away with just a fine and not any injunction or disgorgement, Deaton says. However, he thinks “chances of a jury trial are higher than most people believe.”
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Meanwhile, XRP price stands at $0.400253, up 5.58% in the last 24 hours, according to CoinGape price tracker.
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