Prominent cryptocurrency attorney John Deaton has shared his insights into the ongoing SEC vs. Ripple lawsuit, suggesting that a settlement of $20 million or less would represent a significant legal victory for Ripple. Deaton's view aligns with the sentiment in the cryptocurrency community, which sees the proposed settlement as a positive resolution.
Meanwhile, Dubai is gearing up for the Ripple Swell event on November 8 and 9, with heightened anticipation among Ripple experts and community members. Speculation is rife regarding possible announcements during the event, including Ripple's initial public offering (IPO) and licensing agreements. Notably, a job listing for a "Senior Shareholder Communications Manager" by Ripple has fueled IPO rumors. Wrath of Kahneman (WoK), an influential figure in the XRP community, has shared insights into potential announcements, including IPO, VARA license, CBDC, and stablecoin/tokenization initiatives.
Cryptocurrency Attorney John Deaton Suggests a $20 Million Settlement Would Be a Major Win for Ripple in SEC Lawsuit
Prominent cryptocurrency attorney John Deaton has offered his valuable insights into the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple Labs. Deaton has presented a compelling argument, suggesting that a potential settlement of $20 million or less would represent not just a victory, but a significant triumph for the blockchain company.
In a recent post on X (formerly known as Twitter), Deaton did not mince words as he emphatically dismissed the notion that the lawsuit is evenly balanced between the SEC and Ripple, instead characterizing it as a lopsided 90/10 advantage in favor of the latter. These remarks from Deaton were prompted by a post made by Stuart Alderoty, Ripple's Chief Legal Officer, who pointed out yet another setback for the SEC in a different legal case.
Deaton's perspective resonates strongly with the sentiment prevailing in the cryptocurrency community, where the proposed $20 million settlement is widely seen as a favorable and even celebratory outcome for Ripple. This assessment takes into consideration not only the potential implications of the ongoing XRP lawsuit but also the broader regulatory landscape surrounding digital currencies.
Stuart Alderoty's post adds further layers to the narrative, highlighting the SEC's recent struggles in various legal cases. Alderoty specifically pointed out that in the SEC vs. Govil case, the U.S. Court of Appeals for the Second Circuit recently ruled that the SEC cannot demand substantial disgorgement awards without first demonstrating actual financial harm to investors. This significant development implies that without proof of harm to investors, there can be no penalty imposed.
The legal saga between the SEC and Ripple first unfolded in December 2020 when the SEC initiated legal action against Ripple Labs. The commission accused the company of conducting an unregistered securities offering through the sale of XRP, its native cryptocurrency. The lawsuit sent shockwaves throughout the cryptocurrency industry, as it had the potential to set a precedent for the classification of digital assets as securities.
A notable turning point in the case occurred when Judge Analisa Torres ruled that XRP did not qualify as a security when traded on the secondary market. This ruling had far-reaching implications, bolstering Ripple's position in the legal battle. Moreover, as the legal proceedings continued, the charges against Ripple executives underwent significant reductions, further strengthening the company's stance.
In a recent development, Judge Torres has approved an order relating to the SEC and Ripple's joint request to propose a briefing schedule that specifically addresses institutional sales of XRP. This aspect of the XRP lawsuit pertains to the allegation that Ripple violated securities laws through these institutional sales. Judge Torres has instructed the parties to present a joint briefing schedule no later than 9 November 2023, marking another milestone in the ongoing legal proceedings.
Ripple Swell 2023: Anticipation Builds Amid Speculation of IPO and Licensing Announcements
As Dubai prepares to host the Ripple Swell event on November 8 and 9, the Ripple community and cryptocurrency experts alike are abuzz with anticipation. With rumors circulating about possible announcements regarding an initial public offering (IPO) and licensing agreements, the event is shaping up to be one of the most significant in Ripple's history.
Speculation Surrounding Ripple's IPO Plans
The excitement surrounding Ripple Swell was ignited by a post from the "XRP Captain," a prominent member of the XRP community, who shared an image of the event scheduled for November 8 and 9. This image has fueled discussions within the cryptocurrency space about whether Ripple will use the occasion to announce its intention to go public.
In recent weeks, many experts have been discussing the possibility of Ripple conducting an IPO. The speculation gained momentum when Ripple posted a job listing for a "Senior Shareholder Communications Manager," hinting at preparations for a potential IPO. Despite previous legal challenges, the prospect of an IPO announcement during the Swell event has sparked heightened interest.
WoK's Insights into Ripple Swell 2023
Wrath of Kahneman (WoK), a prominent XRP influencer, has shared his insights into what the community can expect from the upcoming Ripple Swell event in Dubai. WoK believes that this year's Swell may hold significant surprises, and he has revealed several possible announcements that could be made during the event, including an IPO, VARA license, central bank digital currencies (CBDCs), and stablecoin/tokenization initiatives.
Of these potential announcements, an IPO stands out as a top contender. WoK is enthusiastic about the possibilities and emphasizes the significance of such a move for Ripple. In addition to IPO discussions, the event is expected to cover a wide range of topics, including regulatory matters, central bank digital currencies (CBDCs), the future of digital currencies, and Ripple's potential acquisition of a Virtual Assets Regulatory Authority (VARA).
Uncertainty Surrounding XRP Price Impact
While anticipation for the Ripple Swell event is running high, it remains uncertain whether the event will have an immediate impact on the price of XRP. Unlike some high-profile conferences, Ripple Swell has not historically generated significant price fluctuations solely based on its occurrence.
However, this year's event marks a departure from the virtual format of the past three years, as it is taking place in person in Dubai. More than 600 attendees, including 80 presenters, are expected to participate, representing over 40 nations. Despite the event's increased scale, it is the potential for significant announcements that could set the cryptocurrency market in motion.
The Real Buzz: Ripple's Potential Announcements
The real excitement surrounding Ripple Swell 2023 centers on the possibility of Ripple using the event as a platform to make groundbreaking announcements, such as an IPO declaration. Should Ripple make such a significant revelation, it could have a notable impact on the price and perception of XRP within the cryptocurrency community and the broader financial landscape.
As the dates of November 8 and 9 draw nearer, the cryptocurrency world will be watching closely to see what Ripple has in store for its devoted XRP community and the global cryptocurrency ecosystem. Ripple Swell 2023 may well be remembered as a pivotal moment in the company's history, with the potential to shape its future trajectory and influence the direction of the cryptocurrency industry as a whole.
Price Overview
XRP was one of the top performers in the market over the past 24 hours, according to data from the cryptocurrency price tracking website CoinStats. At press time, the remittance token was up 8.94%. This meant that it was trading hands at $0.679837. Furthermore, the recent increase in price pushed XRP’s weekly performance deeper into the green zone to +22.6%.
Price chart for XRP (Source: CoinStats)
XRP was also trading close to its 24-hour high of $0.684984. Meanwhile, the altcoin’s low for the same period was situated at $0.619645.
