XRP Vs SEC: John Deaton Predicts No Trial in Ripple Lawsuit
Pro-ripple lawyer, John Deaton has predicted that there will be no trial for the ongoing XRP lawsuit between the SEC and Ripple. Deaton’s comments came in the wake of a significant development in the case, where a federal judge rejected the SEC’s bid to appeal its previous loss against Ripple.
Is there a Trial Ahead In XRP Lawsuit?
As Coingape reported, District Judge Analisa Torres recently delivered a significant blow to the SEC’s efforts by denying their request for an interlocutory appeal. This decision was a response to the SEC’s attempt to secure an early appeal while the trial concerning Brad Garlinghouse and Chris Larson, prominent figures associated with Ripple, was pending.
That said, during a Wednesday interview on the Think Crypto channel, Deaton underscored the significance of this development. He noted that the SEC’s pursuit of an early appeal essentially amounted to a challenge against Judge Torres’ July ruling.
Deaton further noted that the judge’s decision to deny the appeal and set a trial date for other unresolved issues in April 2024 was a significant setback for the SEC.
Deaton’s Prediction: No Trial in Ripple Lawsuit
When queried about the possibility of a trial, Deaton firmly expressed his belief that a trial in the SEC vs. Ripple case would not take place. According to him, the agency was unlikely to proceed with a trial because their chances of success were slim citing various factors, including the judge’s previous rulings, the lack of convincing evidence from the SEC, and the potential high costs associated with a trial.
“I don’t think a trial is going to happen…They’re going to lose. Do they really want all that Hinman stuff and the drama of a trial?” said Deaton.
He also pointed out that the SEC had other pressing legal battles, such as its case against Coinbase and Binance, that required its resources.
Moreover, Deaton stated that the SEC could choose to dismiss the case against Ripple without settling with the company. If this were to happen, the SEC might opt to focus on other priorities, avoiding the drama and expenses of a trial.
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