FOX Business senior correspondent Charles Gasparino and attorney John E. Deaton have made a friendly wager on the outcome of the extended legal battle between the United States Securities Exchange Commission (SEC) and Ripple. The bet was made during a recent episode of CLAMAN COUNTDOWN, with both parties betting a steak dinner on the outcome of the case.
Gasparino Predicts SEC Win
Gasparino expressed his opinion that the SEC would win the case against Ripple, citing the recent collapse of Sam Bankman-Fried’s alleged fraud and crypto empire. He believes that it would be bad optics for a judge to appear to be on the side of crypto in light of this recent event.
“I think the SEC is gonna win, and I tell you, it’s gonna be a bad day for crypto,” Gasparino said.
Deaton Remains Optimistic
Deaton, who represents thousands of XRP holders, maintains his optimism for Ripple, stating that he expects the SEC to lose at summary judgment. However, he does not expect an outright win for Ripple, saying “I think the SEC is going to lose, but that doesn’t mean Ripple’s going to get an outright win either.”
The Ripple Case: XRP as an Unregistered Security
The legal battle between the SEC and Ripple centers around whether XRP should be classified as an unregistered security. In a past analysis, Deaton asserted that the only victory the SEC would get in the Ripple case is that the blockchain payments company offered XRP as an unregistered security from 2013 to 2017, expecting the blockchain payments firm to pay a fine at most for this.
Final Ruling Expected Soon
As the SEC vs. Ripple legal battle approaches its final ruling, there are polarizing opinions surrounding the outcome. Deaton asserts that the ruling could come any day in the next few weeks, as Ripple touts Judge Analisa Torres’ recent ruling on Daubert motions as a victory for XRP holders. Ripple General Counsel Stuart Alderoty believes the ruling dealt a significant blow to the SEC case, reflecting the strength of the Ripple case. The crypto community and XRP holders anxiously await the final verdict in this uncertain legal battle.
Was this writing helpful?
As the SEC v. Ripple saga takes an unexpected turn into its final stages, analysts weigh in on their predictions for the resolution. The U.S. Securities and Exchange Commission (SEC) initially sued blockchain firm Ripple in December 2020, alleging that the company had sold more than $1.3 billion worth of unregistered securities in the form of its XRP tokens. Ripple has made a strong defense against the charges, stating that XRP is a virtual currency rather than a security, and has filed a motion to have the case dismissed.
With the trial moving to its final stages, many analysts have made their bets for Ripple’s ultimate victory in this legal battle. Some believe that Ripple will be successful in its motion to dismiss the case, citing the decentralized nature of the blockchain as evidence of its virtual currency status over security. Others believe that the SEC will ultimately prevail, stating that Ripple’s close involvement with the XRP tokens, including its release and subsequent sales, suggest that the token is in fact a security.
Meanwhile, some analysts remain impartial, noting that the case is likely to be decided on the specific facts at hand. They argue that the SEC’s case rests on proving that the XRP token can be properly classified as security, which has yet to be determined.
The potentially seismic implications of a win or loss for Ripple make this case especially compelling for the legal and blockchain communities. With the final stages of the trial looming, all eyes remain on the SEC’s case against Ripple, as analysts make their bets on the outcome.