John Deaton explained the negative outcomes if the San Francisco headquartered blockchain firm Ripple will lose to the SEC in the XRP Lawsuit.
Ripple is a popular blockchain firm known for its cross-border payment services at low cost. This crypto & blockchain firm uses XRP coin for its crypto payment services. Since Dec 2020, this firm has been in a legal battle with the United States Securities Exchange Commission (SEC) over its business model & nature of the XRP coin. As per SEC’s suit, XRP is an unregistered security token.
On 6 July 2023, Popular crypto attorney & XRP supporter John Deaton shared his opinion on the Ripple vs SEC suit and said that if Ripple will lose to the SEC in this case then in the next several years no money will be collected.
Furthermore, he explained the whole legal matter proceedings on behalf of the consideration that Ripple lost the case and public attorneys won the case against Ripple.
“if Ripple loses all the appeals, the SEC would then collect the money (i.e. $1.3B) – not the civil plaintiffs. The SEC would then offer a payback – a fund for XRP holders to sell their XRP (this is what happened in Veritaseum),” John said.
In the last, John said that there is a need for interference from Congress and surely that will bring some new turns in this matter and further for the whole sector, as the Cryptocurrency sector is evolving in the country on behalf of traditional & unclear rules & regulations for this innovative sector.
Last month several reports, including Ripple supporters & officials, claimed that the Ripple vs SEC case would end within a few days but nothing happened.
It seems that the SEC attorneys are planning to bring a new fact/evidence to bring a new turn in the case.
XRP price action
The current trade price of XRP coin is $0.46 & this trade price is 11.54% down over the last 30 days of trade price.
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Pro XRP Attorney says there won’t be any money collected for years if Ripple will lose the case
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