Attorney Deaton has cleared the misconception regarding his settlement prediction for the SEC v. Ripple lawsuit.
CryptoLaw founder Attorney John Deaton has taken to Twitter to clear the misconception regarding his settlement prediction for the Ripple lawsuit.
Yesterday, an XRP enthusiast accused attorney Deaton of pushing a theory that Ripple will settle with the SEC after releasing Hinman’s emails.
The user noted that the call was utterly wrong, as people bought XRP at a higher price while hoping that a settlement in the lawsuit could propel the price to surge further.
Deaton Reacts
In response, attorney Deaton never told anyone there would be a settlement after releasing Hinman’s emails. The pro-XRP lawyer noted that he said any possible settlement in the lawsuit would happen before the emails go public.
Notably, the pro-XRP lawyer predicted that there would be no settlement in the lawsuit after Hinman’s emails were released because other companies embroiled in legal battles with the SEC, including Dragon Chain, would also get the document irrespective of whether the Ripple case settles.
What I actually said was that if there was going to be a settlement, it would be BEFORE the Hinman emails were released. Once the emails were turned over to Ripple you can go back to the @CryptoLawUS videos and see that I predicted there would be no settlement in this case…
— John E Deaton (@JohnEDeaton1) July 7, 2023
Furthermore, Deaton asked XRP enthusiasts to watch his CryptoLaw broadcast again to discover the truth.
Hinman’s Email Prompt Settlement Rumors
For context, Hinman’s emails relate to internal deliberations at the SEC while drafting William Hinman’s infamous speech. According to reports, Ripple requested the document to support its fair notice defense. However, the SEC refused to surrender the emails to the blockchain company.
Interestingly, after 18 months of legal battle and six court rulings, the regulatory agency finally surrendered the emails to Ripple. Despite surrendering Hinman’s emails, the SEC filed a motion to stop Ripple from releasing the documents.
However, the judge denied the motion, ordering Hinman’s emails to be released on June 13, 2023.
As the date approached, many predicted that the parties would settle. This speculation prompted many investors to purchase millions of XRP, driving the price to above $0.55.
However, XRP plummeted below $0.5 immediately after Ripple released the document. At this point, it became clear that Hinman’s emails would not lead to a settlement.
Deaton’s Previous Settlement Comment
Meanwhile, attorney Deaton has weighed in on the possibility of a settlement in the Ripple case. In his 2023 prediction, the pro-XRP lawyer speculated that there would be no settlement until the judge issues her ruling.
In May, attorney Deaton also debunked rumors regarding a settlement in the SEC v. Ripple lawsuit.
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