XRP Attorney John Deaton: What To Expect From Ripple Proper Party
While preparations are underway for the Ripple Proper Party, the XRP holder community is wondering if the company will make any big announcement. The party is an official celebration of the company’s partial victory in the U.S. Securities and Exchange Commission (SEC) lawsuit, in which the Judge ruled the programmatic sale of the token to retail buyers as not securities.
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Ripple’s The Proper Party
Earlier, CoinGape reported Ripple Labs CEO Brad Garlinghouse’s announcement of the Ripple Proper Party, a celebratory event following the US SEC lawsuit Summary Judgment. The ruling brought in a pivotal shift in not only traders but also institutional investors. Already, the Ripple executives revealed that the company began re-engaging with the United States based clients on partnerships for its payments software.
The community celebration event will be held on September 29, 2023 in New York City, for which registration is now open.
Big Announcements Ahead?
John Deaton, the attorney representng th XRP token holder community, is confident there will not be a settlement announcement with the US SEC. This is because a settlement can only be triggered if there are huge developments in the Coinbase Vs SEC lawsuit. Besides this, the attorney addressed the possibility of a Ripple IPO announcement, which he had rejected because the IPO application comes under the SEC’s purview.
“The SEC isn’t going to approve an IPO when they’re seeking a permanent injunction against Ripple related to future institutional sales of XRP during the remedies phase of the litigation, as well as seeking a permanent injunction against the CEO and Chairman of the Board, if they win at trial.”
When the US SEC sued Coinbase in June 2023, the crypto community wondered how the agency could have approved the exchange’s IPO when it found fault with its operation as an unregistered broker, exchange, and clearing agency.
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