Crypto lawyer and XRP supporter John Deaton is giving his take on when Ripple’s legal tussle with the U.S. Securities and Exchange Commission (SEC) could end.
The SEC sued Ripple in late 2020 under allegations that the company sold XRP as an unregistered security.
Deaton tells his 257,000 Twitter followers that he believes Judge Analisa Torres, who is overseeing the case, isn’t bound to any particular timeline.
“There is no deadline of today for her to rule. The decision could come out within the next hour or it could take another 30-60 days. Based on previous cases, Judge Torres has issued her ruling on summary judgment within a couple months of her Daubert/Experts’ decision.”
Deaton, who represented XRP holders as an amicus curiae in the case, also says that there won’t be any insider knowledge of the case’s final outcome.
The attorney says that only Judge Torres and her small circle of staff will know what the ruling is before the public does.
“I see comments about ‘insiders’ and whether Ripple and the SEC will learn beforehand. The only people who will know before the Judge publicly issues her ruling is her staff and any clerks who helped her with research or helped [write] the decision.”
Ripple CEO Brad Garlinghouse said last month that the lawsuit had implications on the entire crypto industry, and that its outcome would be “pivotal.”
“The SEC bringing the case against Ripple was not really just a case about Ripple or about XRP. It’s really about the industry and how the SEC is kind of playing offense and attacking the whole industry. Two and a half years ago when it started, I’m not sure everyone fully digested that. And now that is widely understood.
This is going to be pivotal for the whole industry because if the SEC is able to prevail, I think there’s a lot of other cases and some of them just in the last four weeks: I think they brought five additional enforcement cases.”
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