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- Ripple and SEC lawyers may get access to the summary judgment of the case minutes before it gets to the public domain according to John Deaton.
- CryptoLaw founder John Deaton also expects Ripple to appeal the case when it goes in favor of the SEC.
The two-year-long court case between Ripple Labs and the US Securities and Exchange Commission is coming to an end as the judge is expected to soon present the summary judgment. Interestingly, the XRP community has several questions regarding the case and its expected ruling including how the summary judgment would be presented. In response to this, CryptoLaw founder attorney John Deaton has explained in a recent broadcast that the court would not only call Ripple and SEC to give out the ruling as it is being speculated.
A lot of people want to know how this [summary judgment]decision is going to be announced. Is she going to call Ripple and the SEC and tell them? No. Absolutely not.
Deaton has continuously updated his followers and provided some layman’s interpretation of some of the previous rulings regarding the case. He has also criticized the SEC’s argument with a strong belief that Ripple has enough reason to win the case. Speaking on the manner the case would be presented, he explained that all the previous rulings were issued in the public docket, and this one would not be any different including the “Daubert/expert motion.”
We are going to get the filings in the public docket just like we did [get]the Hinman’s emails and other rulings.
Deaton further explained that while the public will get access to the ruling at the same time, the lawyers for Ripple and SEC would get the ruling through email some minutes before it gets to the public domain. Interestingly, it is possible that the summary judgment of this case could be used for insider trading, hence, the verdict would be treated as highly confidential. Nobody related to the case would get access to a preliminary ruling before it is filed publicly.
The Next Line of Action of Ripple When SEC Wins the Case
Another question constantly asked has to do with the next line of action when SEC wins the case. According to Deaton, Ripple would appeal the case and would likely move to the US Supreme Court. Ripple General Counsel Stuart Alderoty has confirmed this, claiming they would file an appeal with the US Court of Appeal when the Summary Judgment goes in SEC’s favor. However, Deaton suspects that the SEC may most likely negotiate with Ripple to prevent them from appealing the ruling.
Deaton believes that this is part of the reason why the ruling has not been released yet as the judge is aware that top US justices and the Second Circuit would digest her ruling right after filing it.
She [Judge Torres] knows Ripple is appealing if she rules in favor of the SEC […] Let’s face it, this case will go to the U.S Supreme Court most likely if it goes up on appeal.
The XRP price may explode when the ruling goes in Ripple’s favor as the market sentiment moves from bearish to neutral. As of press time, the asset was trading at $0.475033 after falling by 4 percent in the last seven days.
