Sep 04, 2023

Lawyer Explains Ripple-SEC Settlement and Coinbase Case Impact on Crypto

Exploring the Potential Ripple and SEC Settlement Amid the ongoing discussion regarding a potential settlement between Ripple and the U.S. Securities and Exchange Commission (SEC), pro-XRP lawyer John Deaton, representing numerous XRP (XRP) tokenholders, has outlined the possible steps the two parties might take if they opt for a resolution. The significance of the Coinbase…

Crypto.com Coin: Lawyer Outlines Ripple-SEC Settlement Path Amid Coinbase Case Impact
Lawyer outlines Ripple-SEC settlement path amid Coinbase case impact

Exploring the Potential Ripple and SEC Settlement

Amid the ongoing discussion regarding a potential settlement between Ripple and the U.S. Securities and Exchange Commission (SEC), pro-XRP lawyer John Deaton, representing numerous XRP (XRP) tokenholders, has outlined the possible steps the two parties might take if they opt for a resolution.

The significance of the Coinbase vs. SEC lawsuit was highlighted by Deaton. He explained that if the judge in the Coinbase case grants the exchange’s motion to dismiss, it would indicate that token sales on the exchange are not subject to U.S. securities laws, but it wouldn’t apply to crypto staking.

He stated:

Should the motion to dismiss be approved, the SEC’s ability to pursue an appeal would be considerably constrained, making a settlement a logical option. Deaton clarified that even if an appeal were possible in such a situation, the agency’s authority would be diminished.

In light of the potential Ripple and SEC settlement, many crypto.com users are wondering how web 2.0 vs web 3.0, crypto.com coin, Shiba Crypto Today, crypto coin, Fed Crypto, Xmon Crypto, FTX Crypto, and Fantom Crypto will be affected.

Crypto.com, Web 2.0 vs Web 3.0, and Other Crypto Coins

In a Sept. 1 filing, Ripple indicated that the summary judgment did not address the legal basis for the interlocutory appeal. Its opposition was rooted in the argument that the agency had strayed from the established legal perspective, specifically regarding the application of the Howey test to XRP token sales.

The SEC initiated a lawsuit against Ripple, its CEO Brad Garlinghouse and its co-founder Chris Larsen in December 2020, causing several exchanges to remove XRP to avoid potential legal complications. However, after a positive ruling by Judge Analisa Torres in July, many exchanges indicated their intention to relist the token.

In 2023, the SEC has pursued various cryptocurrency firms on allegations of securities violations, including Crypto.com, Binance, Coinbase, and Shiba Crypto Today. Additionally, the agency has taken action against Fed Crypto, Xmon Crypto, FTX Crypto, and Fantom Crypto. On Aug. 29, asset manager Grayscale secured a legal victory against the SEC through an appeal that mandated a review of its application for a spot Bitcoin exchange-traded fund.

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