- Ripple fans shouldn’t expect a swift settlement in its case against the SEC
- John Deaton, head of an XRP class action lawsuit, has tempered expectations
- Both the SEC and Ripple asked the judge to settle their case last week
There will be no quick-fire settlement between Ripple and the Securities and Exchange Commission (SEC) despite both asking the judge to provide one, according to the man in charge of the huge class action lawsuit against the agency. John Deaton, who is leading the battle against the SEC on behalf of XRP supporters, tweeted yesterday that, despite the progress in the case, he doesn’t expect any movement within the next 1-2 months at least. Both the SEC and Ripple asked the judge last week to settle their lawsuit, which is currently bogged down in evidential matters, with the XRP price rising as a result.
SEC Bit off More Than It Could Chew
The SEC vs Ripple case has been ongoing since December 2020, with the agency accusing Ripple of selling unlicensed securities when it premined and sold its entire 100 billion supply of XRP tokens in 2012. The case has since become heavily entrenched in the usual arguments over evidence and witnesses, with not a great deal of progress being made in the almost two years since.
It appears that the SEC has come to the realisation that the game is not worth the candle and, in a coordinated move with Ripple last week, asked the judge to settle the case. This resulted in a huge moral win for Ripple, and resulted in the price of the XRP token jumping 20% as a result.
No Quick Ruling
However, the man in charge of a class action lawsuit on behalf of XRP supporters against the SEC has warned against any expectations of a swift ruling:
This is just my opinion and it doesn’t mean anything. I could be proven wrong tomorrow and, if I am, I will welcome it if it is in #XRPHolders’ best interests. My opinion on settlement shouldn’t be given any more weight than anyone else’s but b/c many are asking I am sharing it.
— John E Deaton (214K Followers Beware Imposters) (@JohnEDeaton1) September 20, 2022
Whenever the ruling comes, it will be a huge relief for Ripple and its executives and will be an embarrassing moment for the SEC, who chose to go after one of the biggest cryptocurrencies in the space and failed.
