Ripple-SEC Case | Is the SEC's Case Against Ripple Falling Apart? | Is the End in Sight?

The long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is expected to ramp up, not wind down, according to analysis by crypto lawyers.

In a series of tweets, lawyer Bill Morgan, known for his keen insights into the case, reviewed the remedies phase roadmap laid out in recent court filings. He predicts a “full-on” battle between the parties.

“How do you get a settlement out of all that? I don’t think so at this time,” Morgan stated.

The SEC initially sought over $1 billion in penalties from Ripple before revising it down to $770 million. Ripple aims to substantially reduce that amount by excluding certain XRP sales to commercial customers.

One of the pivotal issues in the case revolves around distinguishing institutional sales from non-institutional ones, according to Morgan. This matter is particularly contentious due to the significant amounts involved, especially concerning post-complaint sales to On-Demand Liquidity (ODL) customers for cross-border payments.

Morgan argues that these sales don’t seem to fit the definition of investment contracts, given that ODL customers are not investing in XRP for profit. Additionally, he highlights unresolved questions over the SEC’s jurisdiction in transactions involving institutional sales, where many transactions did not have any connection to the United States.

Lawyer John Deaton, who has closely followed the case, agreed with Morgan’s assessment. He tweeted that he does not believe any serious settlement talks have occurred and that Ripple is determined to drastically reduce the $770 million penalty.

Deaton drew parallels to another case involving LBRY, where it took eight months of additional litigation before a fine of $130,000 was ultimately imposed. He predicts that the remedies phase in the Ripple-SEC case will involve significant additional discovery and litigation, which could drag on for months.

Deaton predicts a final judgment no sooner than late summer 2023, with appeals likely pushing well into 2024. He also believes that the ongoing Coinbase lawsuit against the SEC could be a pivotal factor. If Coinbase succeeds in getting the case dismissed, Deaton believes the SEC may be forced to soften its stance against crypto companies like Ripple.

Until then, both sides appear braced for a prolonged courtroom slugfest.

Ripple-SEC Case | Is the SEC's Case Against Ripple Falling Apart? | Is the End in Sight?

Is the SEC's Case Against Ripple Falling Apart?
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Is the End in Sight?
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