Investors in XRP are still waiting for the Ripple vs. SEC lawsuit to end, and legal experts think the federal agency could lose the case. Both sides have already sent in their motions for summary judgment and their replies.
But the public can only see versions of their filings that have been changed. From the public motions, legal experts could make some interesting guesses about how the case would end.
Legal Experts’ Predictions
A report by Forbes Senior Contributor Roslyn Layton says that there are signs that the SEC may lose to Ripple in a “bruising defeat.”
“The verdict could drastically limit the SEC’s authority to regulate crypto in the United States. If that’s how it ends, it will have been a self-inflicted disaster from the start,” Layton wrote.
The Forbes reporter used a quote from attorney Jeremy Hogan, who said that the SEC’s recently filed motion for summary judgment would only be successful if U.S. District Judge Analisa Torres “forgets her first year of law school.”
Other top legal experts, like Professor J.W. Verret of George Mason University’s Scalia School of Law and Curt Levey of the Federalist Society, agree that Ripple is on track to win a big case against the SEC.
Alderoty: Ripple Willing to Settle If…
Even with these legal opinions, the SEC is still set on making Ripple a scapegoat so that it can keep regulating the crypto industry through enforcement.
Forbes also said that Ripple’s General Counsel, Stuart Alderoty, said in a recent interview that Ripple is willing to settle if the SEC decides that XRP is not a security.
“If the SEC makes clear that Ripple sales and distributions of XRP and XRP trading in the secondary market does not constitute a security, if they’re willing to acknowledge that, the case settles and settles very, very quickly…, we have no choice to continue to defend the case.”
Attorney Deaton Reacts
In response to the article, John Deaton, the founder of Crypto Law and an attorney, said that he will file an amicus brief later today on behalf of more than 75,000 XRP holders.
The founder of Crypto Law told Forbes’s Layton that she would have more information in a few hours so she could write another article that could put more pressure on the Securities and Exchange Commission.
Deaton said, “I can promise you that it won’t get better for @GaryGensler when XRPHolders speak out later today.”
Deaton’s Involvement in the Lawsuit
In the Ripple vs. SEC lawsuit, it is important to note that attorney Deaton is currently representing more than 75,000 people who own XRP. Since the judge gave attorney Deaton amicus status in the case, he has taken a lot of steps to find out what XRP holders think, especially to find out why they bought XRP.
The SEC says that investors bought XRP to use it as an investment. The agency said that investors were tricked into buying XRP because they thought that Ripple’s management skills would help them make money.
Recent amicus briefs filed by Ripple partners, on the other hand, show that not everyone who bought cryptocurrency did so to make money. Also, some investors bought XRP without knowing anything about Ripple beforehand.
“More than 3,000 people gave affidavits to Ripple’s defense team saying they had never heard of the company they were supposedly investing in before the SEC filed the lawsuit,” Layton said.
