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As the legal battle between blockchain payments firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) enters its last months, more positive predictions are rolling in in favor of the former. Pro-crypto lawyer and advocate John Deaton has expressed his optimism that Ripple will beat the regulator, in response to a tweet from Ripple's chief legal officer Stuart Alderoty.
According to Stuart, the SEC has lost a total of four out of the five cases that have extended to the Supreme Court. Drawing on those statistics, Deaton said he has no doubt Ripple will also beat the regulator and that the current makeup of the Supreme Court will help shut down what he termed as the SEC's "gross overreach."
Another good reason he gave for backing the impending success of Ripple is the fact that the company's summary judgment brief is a well-written one.
For a case that has lingered since December 2020, a closing brief can make or mar the chances of the firm with the judge, and in Deaton's opinion, Ripple's summary statement is "an extremely well written appellate brief."
I have no doubt Ripple will win and the current Supreme Court will shut down the @SECGov’s gross overreach. The West Virginia 🆚 EPA case is all you need to read to agree with me. @Ripple’s summary judgment brief is already an extremely well written appellate brief. https://t.co/o3g9zML9S2
— John E Deaton (@JohnEDeaton1) February 20, 2023
Ripple has community's goodwill
The Ripple v. SEC legal battle has been tagged as a very pivotal one for the future of the digital currency ecosystem. Should the SEC win the case and succeed in tagging sales of XRP by the defendant as a security, it will set a very bad precedent that can make the regulator go after every other firm with a similar business model in the United States.
The Gary Gensler-led commission has already succeeded in fining Kraken $30 million for its staking program and is likely to charge Paxos for the issuance of BUSD, which it calls a security. Based on the fact that these cases are crucial to the industry's evolution, Ripple and other firms have drawn very strong goodwill from the community.
Alex Dovbnya
Valeria Blokhina
Vladislav Sopov
