​Ripple’s lawyer predicts end of lawsuit with the SEC in 2023

What’s new? CryptoLaw founder and attorney John Deaton revealed when the lawsuit between the US Securities and Exchange Commission (SEC) and Ripple might end. He expects a ruling in the case involving the sale of the XRP token as an unregistered security to be made in April or early May 2023. He made the announcement on Real Vision Crypto on YouTube.

The full version of the episode

What is known about Deaton? CryptoLaw was created to inform legislative and regulatory changes in the United States regarding the sphere of digital assets. Deaton represents Ripple and the owners of their native token XRP in court against the SEC. The attorney has played an active role in the current lawsuit, filing a brief opposing the regulator’s motion for summary judgment on behalf of Ripple supporters.

What other statements have been made? Deaton expressed doubt that the ruling in the SEC’s case against Ripple will be issued before March 31, 2023. According to him, Judge Analisa Torres knows that there are tens of thousands of XRP owners and millions of pages of documentation to review. She also granted motions to file amici briefs to support Ripple from major XRP holders: Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI, and Paradigm.

As a result, Deaton sees the end of March as the earliest timeframe for the process, but fears that a decision could eventually be made in April or early May 2023.

What is known about Ripple? It is a payment protocol for exchanging currencies and making transactions. It is used by government financial institutions in Australia, Canada, and Israel. XRP is used to provide liquidity, acting as a bridge for international transfers, allowing them to be completed in seconds and times cheaper than solutions of traditional services.

In 2020, the SEC filed a lawsuit against Ripple Labs, its CEO Brad Garlinghouse and chairman Chris Larsen. The Commission considers raising $1,3 billion through the sale of XRP tokens to be unregistered securities transactions, a gross violation of US law.

The asset ranks sixth in the cryptocurrency rating with a capitalization of $19,2 billion, according to CoinGecko. It is trading at $0,3809 as of December, 12:50 UTC, down by 2,56% in 24 hours, according to Binance.

For how the successful outcome of the proceedings between Ripple Labs and US regulators could affect the cryptocurrency’s rate, read GetBlock Magazine’s special feature.