John Deaton, a well-known pro-crypto lawyer, shared his thoughts on what needs to happen next in the long-running XRP lawsuit between Ripple and the SEC.
In recent times, Judge Torres denied the SEC’s request for a quick ruling because it was “procedurally improper.” For her to approve a new judgment, she must decide that any agreement is fair and won’t harm the public interest.
In a live broadcast, Deaton said that for a new judgment to be possible, the SEC must admit it made mistakes in its previous arguments. The SEC would also need to work together with Ripple and mention new laws being considered in Congress that deal with digital assets. He also explained that the SEC would have to say cryptocurrencies like XRP are more like commodities rather than securities.
This would mean the SEC may not have full authority over XRP. He also said the SEC would have to argue that Ripple’s sale of XRP didn’t harm anyone and that the current court order stops Ripple from growing its business, especially in working with banks and financial institutions.
Judge Torres denied the SEC’s request for a quick ruling because it was “procedurally improper.” For her to approve a new judgment, she must decide that any agreement is fair and won’t harm the public interest.
Another legal expert, Fred Rispoli, agreed this won’t be easy. He said both Ripple and the SEC must submit detailed filings explaining past cases and the SEC’s failures in crypto regulation. This process could take several weeks before the judge makes a new decision.
