Ruling in SEC v. Ripple Case Imminent Following Latest Case Update, Says Deaton.
Deaton says he does not expect Judge Torres to significantly delay in giving her ruling on summary judgment motions.
Attorney John E. Deaton has opined that the ruling in the United States Securities and Exchange Commission case against Ripple is imminent.
The CryptoLaw founder, who represents thousands of XRP holders as a friend of the case, made this known in a tweet today in response to inquiries about whether the release of the judge’s decision on Daubert motions gives any hints on the timeline for her summary judgment decision. Deaton expressed doubts that there would be significant delays. The lawyer noted that the judge could release her ruling as early as tonight or in a few weeks.
“I seriously doubt that we see a significant delay from here,” Deaton wrote. “Could be tonight or in a couple weeks.”
I seriously doubt that we see a significant delay from here. Could be tonight or in a couple weeks.
— John E Deaton (@JohnEDeaton1) March 7, 2023
As reported today, in her Daubert motion ruling, the judge granted and denied motions in part from both parties to strike out expert testimony. As highlighted in the report, XRP holders were the biggest winners as Judge Torres struck out expert opinions that the SEC used to support its claims that XRP holders purchased the token with reasonable expectations of profits solely from Ripple’s efforts.
It is worth noting that last week, the attorney indicated that the ruling in the case over whether XRP is a security could take two more months.
As recently highlighted by Ripple General Counsel Stuart Alderoty, it would be one of three outcomes. The court could side with the SEC or Ripple or send the case to trial.
Deaton has noted that his preferred outcome is for the court to clarify the secondary market sales of XRP, which the SEC also claims constitute unregistered securities offerings. If the judge opposes the SEC’s stance on this, it would be a significant victory for XRP holders even if Ripple loses in the district court.