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The managing partner of the Deaton law firm, John Deaton, is one of XRP’s main supporters in Ripple’s ongoing lawsuit with the Securities and Exchange Commission (SEC). The lawsuit was filed on December 20, 2020. Deaton played a key role in the ongoing lawsuit against Ripple. Recently, Deaton was asked on an episode of Real Vision Crypto whether he estimates that the final judgment on Ripple will be announced by March 31st.
Deaton said, “I don’t see it happening before March 31st, but it is possible because the judge is very aware. She granted us amici status. She knows that there are tens of thousands of holders, and there have been 17 amicus briefs filed in this case, so it is very possible, but you have millions of pages of documents that have been filed. She is going to go through it.”
He added, “I would say the end of March is the earliest, I fear it could go into April or early May for a decision as well.”
Recently Input Output (IOHK) CEO Charles Hoskinson reacted to David Gokhshtein’s tweet for spreading misinformation on the Ripple case hearing. The cryptocurrency influencer David tweeted that Ripple’s case will “apparently” settle by December 15.
Despite getting support from the world’s largest crypto platforms like Coinbase, the ongoing case which is well into its second year, might not end anytime soon. Coinbase raised its vocal support for Ripple in court in October 2022. It stated that Ripple is considered the world’s sixth-largest digital currency by its market value.
Expansion Of Ripple In Western Countries
Almost two years have passed since the SEC filed a lawsuit against Ripple Labs. The financial watchdog sued Ripple Labs Inc at the end of 2020 for marketing XRP tokens on its platform. The SEC claimed that XRPs were unregistered securities. According to CoinMarketCap, XRP is down 2.15% in the last 24 hours.
Due to its ongoing legal dispute with the SEC in the United States, Ripple’s legal counsel said that most institutional operations are effectively expanding outside of the state.
Ripple had applied to the Irish central bank virtual asset service provider (VASP) to provide services in Ireland. If Ripple gets the VASP license, it can easily open its market throughout the European Union. It is also trying to apply for an electronic money license. Recently, Ireland provided a VASP license to one of the most popular crypto exchanges, Gemini.
Recently, Ripple came up with a creative concept to build a breakthrough crypto solution for a world without economic borders. In this connected world, the demand for cross-border payments is very high, with nearly $156 trillion worth of cross-border payments in 2022 alone.
Ripple announced quarterly XRP sales on the platform to provide transparency and maintain regular updates. According to the data, it was the first time that Ripple’s XRP holdings were less than 50%. The total XRP sales of Ripple in this quarter’s report were $310.68 million (USD).
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
