Ripple Vs SEC Heats Up as Remedies Phase Nears: Settlement Off the Table?

Ripple Vs SEC Heats Up as Remedies Phase Nears: Settlement Off the Table?

The post Ripple Vs SEC Heats Up as Remedies Phase Nears: Settlement Off the Table? appeared first on Coinpedia Fintech News

In a recent live broadcast, pro-XRP lawyer John Deaton definitively dispelled speculations surrounding settlement talks between the SEC and Ripple amidst the SEC’s pursuit of financial statements. Deaton, a consistent Ripple defender, characterized the ongoing legal proceedings as “scorched earth litigation.”

Let’s break down what’s happening.

No Settlement Talk

John Deaton emphasized that there’s currently no talk of settling things between the SEC and Ripple. This clarification follows the SEC’s request for Ripple’s financial statements and contract details from 2022-2023. Deaton stressed the intensity of this legal fight, categorizing it as a serious battle, even as they proceed to the next phase.

Read More: Ripple vs SEC: Bill Morgan Blasts Misinformations, Provides Clarity on XRP Lawsuit

Settlement on the Horizon?

While Deaton maintains that there are no ongoing settlement talks, he believes it might happen later. He suggests that settling could be in the SEC’s best interest if they can secure a more favorable outcome than a court decision might yield. Deaton explained that settling could be a strategic move for the SEC to avoid potential embarrassment from another unfavorable ruling.

“Maybe that will make them (SEC) come to the table because they can spin it versus getting another ruling that embarrasses them as an organization. I’m not saying a settlement can’t or won’t happen. I’m just telling you it’s not happening today.”

Remedies Stage: What Fines Might Ripple Face?

As the lawsuit progresses to the remedies stage, there’s speculation about the potential fines Ripple might face for alleged violations related to institutional sales. Deaton talked about the SEC being curious about Ripple’s money records and looking into contracts made after the complaint.

He predicts that Ripple might demonstrate the legitimacy of most sales, forecasting fines ranging from $10 million to $100 million – significantly less than the substantial $200 million Ripple spent on legal defense.

What Happens if There’s an Appeal?

Deaton’s insights extend beyond the current trial, exploring potential outcomes if there’s an appeal. He expresses confidence that a higher court will support Judge Analisa Torres’s decisions, particularly concerning sales and the distribution of Ripple’s cryptocurrency. Deaton believes these decisions will likely stand firm even in the face of an attempted appeal.

Also Read: Ripple News : Is It Time To Sell Your XRP Holdings? Analyst Shares Top 3 Reasons