Prominent crypto attorney, John Deaton, has recently expressed skepticism over the possibility of a settlement in the ongoing Ripple vs. Securities and Exchange Commission (SEC) case. Deaton, a staunch supporter of Ripple and its cryptocurrency XRP, has been closely following the developments in this high-profile lawsuit.
In a recent podcast, Deaton articulated that any resolution in the Ripple lawsuit might be interpreted as a lenient position by the SEC, given its ongoing enforcement of rules on other digital currencies. This viewpoint stems from the SEC’s assertive strategy towards multiple cryptocurrency platforms and its current legal conflicts. The legal action carries substantial consequences for the cryptocurrency sector and continues to be a legal conflict under intense scrutiny.
The current dispute between the SEC and Ripple is part of a larger framework of regulatory measures both in the United States and globally. Lawyer Deaton highlighted a recent legislative proposal by U.S. Senator Elizabeth Warren aimed at mitigating the exploitation of digital currencies in unlawful activities, including money laundering, drug trafficking, and evasion of sanctions.
Global Regulations and Ripple’s Strategic International Shift
This proposed legislation, along with the actions of the SEC, signifies an escalating pattern of regulatory oversight in the realm of cryptocurrencies. Despite the ongoing legal battle, Ripple has found solace in international waters, revealing that almost 90% of its operations have now moved beyond the U.S. boundaries. This move indicates Ripple’s determination to continue its operations, regardless of the lawsuit’s outcome.
Deaton projects that the earliest we could see a final ruling from Judge Torres is likely not until the latter part of the summer. Furthermore, he warns that the process of filing an appeal in this case could potentially extend to a full year.
In conclusion, while the crypto community eagerly awaits the verdict in the SEC vs. Ripple lawsuit, Deaton’s insights suggest that a settlement is unlikely. The outcome of this case will undoubtedly have profound implications for the crypto industry at large. Ripple’s XRP trades at $0.6152, dropping 0.50% in the last 24 hours.
