John Deaton, a well-known cryptocurrency lawyer, took to Twitter to provide his forecasts for the year 2023.
Deaton’s predictions for the Ripple-SEC case
Among Deaton’s predictions, the first is that a settlement in the Ripple case will not be reached until after we hear from Judge Torres. In the case where Ripple is being sued, the lawyer also presented an argument opposing the SEC’s claim.
1) The @Vibe the case is not resolved until AFTER we get a decision from Judge Torres;
2) An exchange (perhaps more than one) is sued for selling unregistered securities;
3) investigation of SBFraud meetings discovers bad 💩;
4) Gensler resigns before the eoy.
— John E. Deaton (@JohnEDeaton1) January 12, 2023
The regulatory body claims that the company relies on XRP sales to finance its operations and capital expenditures, which is evidence that Ripple and XRP belong to the same company and that the cryptocurrency is a security.
This claim is further supported by the fact that Ripple allegedly provided financial incentives to cryptocurrency exchanges in exchange for listing XRP. Both pieces of evidence, according to Deaton, are the SEC’s most compelling pieces of evidence; however, all of this has left you wondering what exactly constitutes a stock trade.
Deaton argues that for a court to accept the claim that Ripple planned to sell XRP and establish a secondary market, it would have to conclude that the entire XRP ecosystem, including exchanges and all holders, is a joint venture.
Other Deaton predictions
If Ripple’s SEC complaint is dismissed and XRP is classified as a security, the SEC may decide to launch an enforcement initiative to control the cryptocurrency. The XRP community anticipates a favorable ruling from Judge Torres.
Deaton further claims that the SEC will take more than one exchange to task for selling securities without proper registration. The sued exchanges are called Gemini and Genesis.
Deaton then goes on to suggest that he believes that investigations into the interactions between disgraced crypto public figure Sam Bankman Fried and will reveal a lot of shady goings-on.
The lawyer concludes that Gary Gensler will be leaving before the end of the year. I find these predictions interesting, and I look forward to seeing which ones come true.
This post John Deaton Shares Prediction for Ripple vs SEC Case in 2023
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