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The cryptocurrency industry is on the edge of its seat as a significant courtroom decision looms, one that could potentially reshape cryptocurrency regulation in the United States. Legal expert and staunch XRP supporter, John Deaton, anticipates a challenging battle for the U.S. Securities and Exchange Commission (SEC) against blockchain firm Ripple.
Deaton, the founder of CryptoLaw, has consistently stood by Ripple in their legal clash with the SEC, which accused Ripple of conducting an unregistered securities offering through the sale of XRP tokens in December 2020.
During a recent episode of The Good Morning Crypto podcast, Deaton shared his prediction regarding the forthcoming verdict. He indicated a 25% likelihood that the presiding judge, U.S. District Judge Torres, would rule entirely in Ripple's favor, and a 50% possibility of Ripple securing a judgment that balances the interests of both parties.
Such a ruling would involve Judge Torres defining a clear boundary, declaring that XRP was an unregistered security before 2018. However, revelations in the Hinman documents, referring to internal SEC communications regarding a 2018 speech by former SEC Director William Hinman, suggest that cryptocurrencies may transition from securities to commodities if they achieve sufficient decentralization.
Ripple's executives, including CEO Brad Garlinghouse, have expressed optimism about resolving this legal turmoil. In line with their expectations, Deaton projects that Judge Torres' final verdict will likely be delivered before the end of September this year.
Deaton also shed light on the lesser-known "six-month list," a report that district judges must submit to Congress, outlining all pending summary judgments that have exceeded six months. This list is published biannually on the last day of March and September.
Crucial details about the case may emerge when the sealed Hinman materials are unveiled, revealing whether XRP was a topic of discussion among SEC staff before Hinman's 2018 speech. Amidst these developments, speculation is rife regarding Ripple's potential to become a public company following the conclusion of the lawsuit. The outcome of this landmark court decision will undoubtedly have far-reaching implications for the future of cryptocurrency regulation in the United States.
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