John E. Deaton, the founder of Crypto Law – a crypto law firm – has discredited a rising rumor of an impending settlement in the lawsuit between Ripple and the Securities and Exchange Commission (SEC). The XRP-friendly lawyer took to Twitter to set the record straight on some loose comments on the social media network.
Unsurprisingly, members of the XRP community did not take kindly to the news. Instead, they responded in the comment section, asking the Twitter handle to discard the tweet and desist from spreading FUD.
The uproar was so much that it drew the attention of Deaton. He, a lawyer representing many XRP holders, weighed in on the issue on Twitter.
Deaton quashed the rumor, affirming that the report was untrue. According to him, both parties legal teams – Ripple and the SEC – could meet whenever they decided to talk about a possible settlement.
He continued that it did not seem reasonable for the duo to schedule a weekly meeting and leak the information.
"I'm willing to bet this is false. The SEC lawyers and Ripple lawyers could meet anytime they so desired. I don't think they would pick a date a week from now and then leak it out."
To him, the likelihood of a possible settlement would be dependent on the specifics of the court's ruling. He considered the possibility of Ripple settling if they won and what could happen.
He mentioned notable crypto exchanges like Coinbase and Kraken immediately relisting XRP or waiting for an appeal by SEC (if they lost the case) and Ripple's partner, Bank of America, being okay with the decision or SEC petitioning the ruling and the Judge being overturned.
Deaton reiterated that a settlement might occur after Judge Analisa Torres presides on the case. But, he added, "That happens only if Ripple gets a big victory so Gensler could save face and get a political win."
He continued talking about Gensler and possible insider trading claims if the meeting was held. His Twitter thread ended with, "This unconfirmed source sounds like someone was wanting to orchestrate a pump."
This rumor is one of many that would make the airwaves as regards the SEC vs Ripple issue. However, on other occasions, these reports have been discredited by leading stakeholders aware of the case.
Regardless of the rumor — Ripple's response to all possible outcomes of the ruling would have a significant bearing on the future of XRP and its association with U.S. regulators. Meanwhile, crypto insiders and enthusiasts alike keenly follow all Ripple vs SEC lawsuit developments.
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