The XRP community is considering outcomes while it awaits the SEC summary judgement.
The complaint disputes the SEC claim that XRP is an unregistered security. Ripple was charged with fraudulently generating over $1.3 billion in December 2020.
Community waits for the summary judgement in the SEC case.
XRP could win the lawsuit with a fine, according to attorney John Deaton, even though he thinks there is a good probability the XRP SEC case will go to a jury trial. The U.S. Securities and Exchange Commission (SEC) and Ripple are currently awaiting the court's summary judgement. The SEC claim that XRP is offered as an unregistered security is the main point of contention in the lawsuit. The case began in December 2020 when Ripple was charged with fraudulently raising more over $1.3 billion.
Because it can be demonstrated that Ripple offered XRP as an unregistered security between 2013 and 2017, the XRP lawyer thinks the SEC's case has a slim probability of success. If Ripple didn't sell XRP as a security after that time, the argument is still valid subject to revision. In response to allegations that Ripple sold XRP to consumers of on-demand liquidity for immediate cross-border payments rather than as a security-like product, Deaton made the remarks. Contrary to the SEC's assertion, the assets were never sold as registered securities.
Deaton claims that if this defence is successful in court, Ripple might just receive a fine rather than an injunction or a disgorgement. The prospects of a jury trial, he asserts, "are higher than most people realise."
XRP price is currently $0.4018, up 4.95% over the previous day, according to CoinGabbar.
