The Ripple vs SEC lawsuit is one of the most closely watched cases in the crypto space as it awaits a resolution.
The US Securities and Exchange Commission (SEC) filed the case against Ripple in 2021, and since then, Ripple and its legal team have strongly defended the company in court. As we enter 2023, the case is entering its second year and is becoming even more exciting as the summary judgment approaches.
In the latest development, attorney John Deaton has stated that the chances for an out-of-court settlement in the Ripple vs SEC case are nearly zero, indicating that the lawsuit will proceed to a court hearing.
Summary Judgment Approaching?
Attorney John Deaton recently posted a Twitter poll asking his followers if they believed the Ripple vs SEC case would be settled in 2023. According to the data, nearly 59% of voters believed that a settlement would occur in 2023.
However, Deaton himself stated that he is in favor of the minority who believe the case will move towards summary judgment. Deaton provided three reasons for this stance.
Firstly, he initially thought that SEC’s refusal to submit Hinman documents might lead to a settlement, but now believes that the SEC may submit these documents as they do not mention XRP.
Secondly, Deaton believes that SEC Chair Gary Gensler is prepared to accept an unfavorable outcome in the lawsuit as the Commodities Futures Trading Commission is pushing for crypto regulations.
Finally, Deaton argues that the collapse of FTX has strengthened Gensler’s stance against crypto and believes Gensler will likely file a lawsuit against FTX as well.
However, attorney James K. Filan, who has been following the case, stated that if the Ripple vs SEC lawsuit does not see an out-of-court settlement, a ruling will occur on or before March 31st.