{"id":557852,"date":"2023-10-27T09:45:42","date_gmt":"2023-10-27T09:45:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=557852"},"modified":"2024-06-11T07:10:18","modified_gmt":"2024-06-11T07:10:18","slug":"sec-700-million-ripple-xrp","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/sec-700-million-ripple-xrp\/","title":{"rendered":"SEC Demands $700 Million Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps"},"content":{"rendered":"

The US <\/span>Securities and Exchange Securities Commission<\/span><\/a> (SEC) and Ripple Labs are expected to proceed to <\/span>finalize a settlement<\/span><\/a> following the <\/span>official dismissal<\/span><\/a> of the former\u2019s claims against Ripple\u2019s CEO Brad Garlinghouse and its <\/span>co-founder Chris Larsen<\/span><\/a>. In line with that, <\/span>pro-XRP legal expert John Deaton<\/span><\/a> has revealed how the settlement will play out.\u00a0<\/span><\/p>\n

A Settlement Isn\u2019t Going To Be Straightforward<\/h2>\n

In a <\/span>post<\/span><\/a> shared on his X (formerly Twitter) platform, Deaton mentioned that he doesn\u2019t believe \u201cthere has been a single serious conversation regarding settlement\u201d between the SEC and Ripple alongside its executives. He said that the Commission is \u201cpissed and embarrassed and wants $770M\u201d as a fine for <\/span>Ripple\u2019s violation of securities laws<\/span><\/a>.<\/span><\/p>\n

Related Reading: Forget 2023, Here Are The Major XRP Price Predictions For 2024<\/a><\/div>\n

He further noted that the penalty phase isn\u2019t as straightforward as some may think, as it is \u201clike a second case\u201d but one that requires more depositions, interrogatories, requests for the production of documents, emails, bank statements, contracts, and ODL transactions.\u00a0<\/span><\/p>\n

The process is also made more difficult as while the SEC <\/span>is insistent<\/span><\/a> on a $770 million <\/span>fine<\/span><\/a>, Ripple wants to \u201cdrastically reduce\u201d the figure, as Deaton stated. To achieve this, Ripple will be looking to exclude the ODL transactions, which the SEC may claim are under institutional sales that violated securities laws.\u00a0<\/span><\/p>\n

Deaton<\/span><\/a> also alluded to the SEC\u2019s case against the <\/span>decentralized content-sharing platform LBRY<\/span><\/a>, which took \u201ceight months of additional litigation\u201d before the Judge ordered that the platform pay a fine of $111,614 to the Commission. That case was also not straightforward as both parties had to file multiple briefs again, and depositions were taken.\u00a0<\/span><\/p>\n

How The SEC\u2019s Case Against Ripple Could Play Out<\/h2>\n

As to when a final judgment could come from <\/span>Judge Analisa Torres<\/span><\/a>, Deaton doesn\u2019t foresee one until late summer \u201cat the earliest.\u201d With that in mind, he mentioned that it could take a full year before the SEC (or even Ripple) gets the chance to <\/span>file an appeal<\/span><\/a> in this case.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says Bitcoin Is At A High Premium, How To Trade It<\/a><\/div>\n

The lawyer <\/span>once again<\/span><\/a> mentioned the role that Coinbase\u2019s Motion To Dismiss (MTD) could play in this case and a potential settlement. He said that the SEC \u201cwill be forced to pivot its anti-crypto agenda and then work out a possible settlement with Ripple\u201d if Judge Failla grants the motion.\u00a0<\/span><\/p>\n

However, a settlement is unlikely if the crypto exchange were to lose its MTD. <\/span>Coinbase<\/span><\/a> is asking the judge to dismiss the SEC\u2019s case against it, arguing that the Commission doesn\u2019t have jurisdiction over its activities. Hearing of Coinbase\u2019s oral argument is slated for January 17, 2024, with a ruling likely to come within 60 to 120 days after.\u00a0<\/span><\/p>\n

\"XRP<\/p>\n

XRP drops to $0.54 | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Shutterstock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The US Securities and Exchange Securities Commission (SEC) and Ripple Labs are expected to proceed to finalize a settlement following the official dismissal of the former\u2019s claims against Ripple\u2019s CEO Brad Garlinghouse and its co-founder Chris Larsen. In line with that, pro-XRP legal expert John Deaton has revealed how the settlement will play out.\u00a0 A Settlement Isn\u2019t Going To Be Straightforward In a post shared on his X (formerly Twitter) platform, Deaton mentioned that he doesn\u2019t believe \u201cthere has been a single serious conversation regarding settlement\u201d between the SEC and Ripple alongside its executives. He said that the Commission is \u201cpissed and embarrassed and wants $770M\u201d as a fine for Ripple\u2019s violation of securities laws. Related Reading: Forget 2023, Here Are The Major XRP Price Predictions For 2024 He further noted that the penalty phase isn\u2019t as straightforward as some may think, as it is \u201clike a second case\u201d but one that requires more depositions, interrogatories, requests for the production of documents, emails, bank statements, contracts, and ODL transactions.\u00a0 The process is also made more difficult as while the SEC is insistent on a $770 million fine, Ripple wants to \u201cdrastically reduce\u201d the figure, as Deaton stated. To achieve this, Ripple will be looking to exclude the ODL transactions, which the SEC may claim are under institutional sales that violated securities laws.\u00a0 Deaton also alluded to the SEC\u2019s case against the decentralized content-sharing platform LBRY, which took \u201ceight months of additional litigation\u201d before the Judge ordered that the platform pay a fine of $111,614 to the Commission. That case was also not straightforward as both parties had to file multiple briefs again, and depositions were taken.\u00a0 How The SEC\u2019s Case Against Ripple Could Play Out As to when a final judgment could come from Judge Analisa Torres, Deaton doesn\u2019t foresee one until late summer \u201cat the earliest.\u201d With that in mind, he mentioned that it could take a full year before the SEC (or even Ripple) gets the chance to file an appeal in this case.\u00a0 Related Reading: Crypto Analyst Says Bitcoin Is At A High Premium, How To Trade It The lawyer once again mentioned the role that Coinbase\u2019s Motion To Dismiss (MTD) could play in this case and a potential settlement. He said that the SEC \u201cwill be forced to pivot its anti-crypto agenda and then work out a possible settlement with Ripple\u201d if Judge Failla grants the motion.\u00a0 However, a settlement is unlikely if the crypto exchange were to lose its MTD. Coinbase is asking the judge to dismiss the SEC\u2019s case against it, arguing that the Commission doesn\u2019t have jurisdiction over its activities. Hearing of Coinbase\u2019s oral argument is slated for January 17, 2024, with a ruling likely to come within 60 to 120 days after.\u00a0 XRP drops to $0.54 | Source: XRPUSD on Tradingview.com Featured image from Shutterstock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":557855,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[89613,3680,17209,3799,89194,85513,89714,4531,83637,10972,78763],"class_list":["post-557852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-pro-xrp-lawyer","tag-ripple","tag-ripple-news","tag-sec","tag-sec-news","tag-sec-vs-ripple","tag-sec-vs-xrp","tag-xrp","tag-xrp-news","tag-xrpusd","tag-xrpusdt"],"acf":[],"yoast_head":"\nSEC Demands $700 Million Settlement From Ripple, Pro-XRP Lawyer Reveals 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"SEC Demands $700 Million Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps","url":"http:\/\/uniquehot.com\/news\/ripple\/sec-700-million-ripple-xrp\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ripple\/sec-700-million-ripple-xrp\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1926739472-Small.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1926739472-Small.jpeg?fit=320%2C224"},"articleSection":"Ripple","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["pro-xrp lawyer","ripple","ripple news","sec","sec news","sec vs ripple","sec vs xrp","xrp","xrp news","xrpusd","xrpusdt"],"dateCreated":"2023-10-27T09:45:42Z","datePublished":"2023-10-27T09:45:42Z","dateModified":"2024-06-11T07:10:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"SEC Demands $700 Million Settlement From Ripple, Pro-XRP Lawyer Reveals Next Steps\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ripple\\\/sec-700-million-ripple-xrp\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ripple\\\/sec-700-million-ripple-xrp\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1926739472-Small.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1926739472-Small.jpeg?fit=320%2C224\"},\"articleSection\":\"Ripple\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"pro-xrp lawyer\",\"ripple\",\"ripple news\",\"sec\",\"sec news\",\"sec vs ripple\",\"sec vs xrp\",\"xrp\",\"xrp news\",\"xrpusd\",\"xrpusdt\"],\"dateCreated\":\"2023-10-27T09:45:42Z\",\"datePublished\":\"2023-10-27T09:45:42Z\",\"dateModified\":\"2024-06-11T07:10:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/shutterstock_1926739472-Small.jpeg?fit=320%2C224","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/557852"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=557852"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/557852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/557855"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=557852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=557852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=557852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}