Ripple Vs SEC News Update: Deaton Clarifies His Stance on Lawsuit Settlement

The post Ripple Vs SEC News Update: Deaton Clarifies His Stance on Lawsuit Settlement appeared first on Coinpedia Fintech News

Attorney John E. Deaton addresses the misconceptions surrounding his earlier prediction regarding a potential settlement in the SEC v. Ripple case.

Attorney John E. Deaton Clarifies Misconceptions on SEC v. Ripple Settlement Prediction

In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, attorney John E. Deaton has come forward to clarify misconceptions surrounding his earlier prediction of a possible settlement.

Earlier a Twitter user accused attorney Deaton of spreading a theory that Ripple would settle with the SEC after the release of Hinman’s emails. The user argued that this prediction misled XRP holders who had hoped for a price surge. 

Addressing the issue, attorney Deaton clarified that he never stated there would be a settlement after the release of Hinman’s emails. He explained that he had mentioned the possibility of a settlement before the emails became public.

Deaton further elaborated that he actually predicted there would be no settlement after the release of Hinman’s emails, citing the involvement of other companies in legal battles with the SEC. He encouraged XRP enthusiasts to revisit his CryptoLaw broadcast to understand the accurate information.

Hinman’s Emails Spark Settlement Rumors in SEC v. Ripple Case

Deaton clarified that his role as an attorney representing XRP holders does not grant him access to confidential information or insights into the ongoing negotiations between Ripple and the SEC. 

Moreover, he pointed out that Hinman’s emails were crucial to Ripple’s fair notice defense. While the SEC initially refused to provide the emails to Ripple, they were eventually surrendered after a series of court rulings. However, despite the release of the emails, the judge denied the SEC’s motion to prevent Ripple from disclosing them.

As the anticipated release date of June 13, 2023, approached, there was speculation that a settlement might occur. This speculation led to a surge in XRP purchases, driving the price above $0.55. However, once the emails were released, XRP experienced a decline below $0.5, indicating a settlement was unlikely.

Attorney Deaton has consistently expressed his belief that a settlement in the Ripple case would only occur once the judge issues her ruling. He has also previously debunked rumors surrounding a potential settlement in the SEC v. Ripple lawsuit.

Deaton clarified that his role as an attorney representing XRP holders does not grant him access to confidential information or insights into the ongoing negotiations between Ripple and the SEC. He further emphasized that his prediction should not be misconstrued as an official statement or indication of an imminent settlement.