- XRP holder’s lawyer John Deaton has analyzed the intricate nature of compensation in the Ripple vs SEC case.
- The crypto lawyer also projected the case may escalate to the Supreme Court.
Crypto Law founder and pro-XRP lawyer John Deaton has boldly declared that if the outcome of Ripple’s case with the United States Securities and Exchange Commission (SEC) is not in favor of the fintech firm, it would have little or no impact on XRP holders. He explained this by referring to the 75K list, which consists of over 75,000 XRP holders he’s representing.
If Ripple loses to the SEC there won’t be any money collected for years and ONLY if Ripple loses on appeal. If the Supreme Court takes it on appeal (which I believe they will if Congress hasn’t acted by then), I believe Ripple hands down wins with this Supreme Court. If the SEC… https://t.co/0xHw266YXf
— John E Deaton (@JohnEDeaton1) July 6, 2023
Deaton mentioned that contrary to the opinion of others, joining the list is good as it helps to identify certified XRP holders with genuine claims.
This information is necessary in the case of any possible monetary recovery and compensation in the SEC vs Ripple case and the civil litigation against the blockchain payments company. The list was curated by the pro-XRP lawyer after the U.S. regulator sued the payment platform for listing XRP which it regards as unregistered security. So far, the Deaton-controlled list has over 75,800 XRP holders who are rooting for Ripple against the SEC.
Recently, some critics have been saying that XRP holders on the 75k list will lose out in the case of monetary recovery from the SEC or civil cases, a claim Deaton said is untrue.
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By joining the class list I put out, NO ONE WAIVED ANYTHING whatsoever by joining the list,
The vocal crypto advocate also assured his followers that he would likely be contacted if there was ever any money designated for XRP holders from the civil or the SEC case. He hinged his argument on the fact that the regulator has to give notice of the recovery to XRP holders most of whom he is representing.
Ripple Likely to Seek Redress at the Supreme Court if SEC Wins
Deaton went as far as referring to those who are saying joining the 75K list and arguing XRP isn’t security is a bad thing as morons, adding that they do not know what they are saying.
In addition, Deaton noted that investors’ stance that an asset is not a security cannot be punished if the court rules otherwise.
As it stands, if the regulator gains victory in the over two-year-long lawsuit, the civil case will not yield any tangible monetary result. Instead, the SEC will receive the money and create a fund to reimburse XRP holders. To compound the situation, Ripple will likely appeal the summary judgment if this is the case. Once that happens, the case might get to the Supreme Court and this time around, it may last for 2-5 years.
The time frame of the current enforcement action is already a source of concern to many. Brad Garlinghouse, Chief Executive Officer (CEO) of Ripple had suggested that the lawsuit was finally coming to an end as the firm await a Summary Judgment from Judge Analisa Torres. It has been many months since this forecast was made and no verdict has been passed.
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