Pro-XRP legal expert Fred Rispoli has commented on how things have been too quiet in the long-running legal battle between the Securities and Exchange Commission (SEC) and Ripple. He also offered his thoughts on why that may be so and the possible outcomes in the case as an end draws closer.
All Seems Calm As Next Deadline In Ripple Case Approaches Speaking on how there hasn’t been any back-and-forth between both parties, Rispoli noted that the completion of damages-related discovery is scheduled for February 12. Considering that the data is fast approaching, the legal expert is surprised that the SEC has yet to file any discovery motions. This is even so, given how hostile the legal battle has been, he says.
However, he expects the Commission to take action as he foresees them filing a motion at least a week or so before the deadline. If that doesn’t happen, then that will be proof that both the SEC and Ripple are “playing nice.”
Meanwhile, he believes that two things could happen at this point. One of them is the regulator obtaining and reviewing relevant discovery materials and then proceeding to settle with the crypto firm. If that doesn’t happen, he believes the legal battle will be dragged out through the damages briefing, which will conclude on April 29.
In his opinion, the Commission is better off settling with Ripple. If they don’t, Rispoli says they will lose most of their requests if the case were to end up getting to the damages briefing. His assertion stems from the fact that the Commission has so far been on a losing streak in Court. As such, they should take “an easy win,” which is a settlement.
XRP struggles amid lawsuit | Source: XRPUSD on Tradingview.com SEC Will Need To Compromise If the SEC chooses to settle with Ripple, they will need to settle for a lower sum than what they had previously requested of Ripple. Pro-XRP legal expert John Deaton had previously revealed that the Commission was demanding over $700 million from the crypto firm for its violation of securities laws.
Then, the lawyer also mentioned that Ripple was looking to “drastically reduce” the figure. The crypto firm seems to have the upper hand as of now, considering that the SEC has already lost three notable battles to them. As such, Ripple won’t be in haste to succumb to the SEC’s demands.
Taking a cue from the LBRY case, the crypto firm will also be confident that the court will award a lesser figure in damages compared to what the SEC is demanding. Therefore, it seems in the Commission’s best interest to compromise and look to reach a consensus with Ripple.
Deaton had stated how it would be a “99.9% legal victory” for Ripple if they managed to pay $20 million or less in any potential settlement.
Featured image from Blockworks, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.