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Pro-crypto Lawyer Shares Comment About Potential Ripple IPO Plans: Details

Fri, 06/02/2023 - 08:18
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Godfrey Benjamin
John Deaton has shared insight into how expected summary judgment can benefit Ripple
Pro-crypto Lawyer Shares Comment About Potential Ripple IPO Plans: Details
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There has been a growing number of speculations about the future of American blockchain payments firm Ripple Labs Inc, which has been embroiled in a lawsuit with the United States Securities and Exchange Commission (SEC) since December 2020. Pro-crypto attorney John Deaton has commented on a news article discussing the potential plans of the company to float an Initial Public Offering (IPO).

A conversation sprang up on Twitter that revealed that Ripple conducted a private roadshow event in April, where the company and its underwriters met with a couple of Wall Street investors to generate interest in an IPO. This revelation has become the subject of much speculation, with Deaton noting that Ripple could even be in a good position depending on what the summary judgment turns out to be.

According to him, any outright win of the lawsuit or a slap on the wrist that shows that ongoing and future sales of XRP are not securities will ultimately be a blessing in disguise.

The lawsuit in general has almost crippled Ripple's business in the United States, with the company's key partners, including Moneygram, abandoning the firm at the earliest stages of the lawsuit.

Looking forward

From the events surrounding the lawsuit and the expectations of summary judgment by Judge Torres anytime now, there is every reason to believe that the case is billed to end very soon. As a result, Ripple has started making plans on what will become of its business in the days following the suit.

While the summary judgment may still favor the SEC as one expert has predicted, there are chances Ripple will pick up some wins eventually, and should this entail a proclamation of nonsecurity status for current and future sales of XRP, the company might once again be back in the business of using XRP to provide cross-border payment liquidity.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.