John Deaton, a pro-Ripple lawyer, and activist has made several forecasts for the year 2023. The lawyer’s forecasts were, as one might think, regarding the legal profession, but it’s interesting how quickly one of them came true. Take them one by one.
SEC v. Ripple: Crypto Lawyer Makes Sensational Predictions for 2023
Deaton believed that a judge’s decision would be reached in the legal dispute between Ripple and the U.S. Securities Commission. This point of view has angered the XRP community, a sizable portion of which is looking for a settlement or summary judgment to end the case.
Some people are confused about my prediction that the Ripple case doesn’t settle until AFTER Judge Torres renders a decision. A settlement could occur after which would eliminate any potential jury trial and also eliminate any potential appeal. https://t.co/KnT6t8lwaa
— John E Deaton (@JohnEDeaton1) January 13, 2023
Deaton clarified, however, that a settlement is also feasible following a judgment directly issued by the judge, obviating the need for an additional appeal or a jury trial. The other two predictions made by the attorney directly impacted the Securities Commission. He believes several “dirty” facts about Sam Bankman-Fried’s conversations with senior SEC officials will come to light due to the probe into the notorious FTX exchange’s leader. The attorney, therefore, anticipates Gary Gensler, the current SEC chairman, to step down before 2023.
The second of Deaton’s four prophecies, however, was a self-fulfilling prophecy. Deaton could hardly have imagined how quickly it would occur when foreseeing legal action against bitcoin exchanges for offering unregistered securities in the form of cryptocurrencies. The SEC brought accusations against cryptocurrency broker Genesis and exchange Gemini this morning for precisely those infractions.
Legal expert predicts verdict as final date nears
The cryptocurrency community is anticipating the ultimate decision in the Ripple and Securities Exchange Commission (SEC) dispute as both parties have submitted their final arguments. The subject has given rise to speculation over the case’s potential conclusion based on the hearing’s deliberations.
John Deaton, a defense attorney and well-known commenter on the case, has offered his prognosis for the result in this line. The lawyer noted that after the presiding judge issues the final decision in the case, it would probably conclude in a settlement in a tweet on January 13.
However, the bulk of the XRP community did not agree with the prediction’s assertion that the judge would rule before a settlement was achieved. He made it clear that the result is likely, particularly if the parties desire to forgo future appeals.
“Some people are confused about my prediction that the Ripple case doesn’t settle until AFTER Judge Torres renders a decision. A settlement could occur after which would eliminate any potential jury trial and also eliminate any potential appeal,” he said.
Most of the XRP community chose a settlement in a survey Deaton had commissioned in a previous tweet. This occurs even though earlier projections indicated that the blockchain company might prevail after scoring several minor victories during the hearing.
In his second forecast, Deaton asserted that the government would probably bring legal action against cryptocurrency exchanges in 2023 for selling unregistered securities. The SEC is prosecuting Ripple for raising over $1.3 billion by selling unregistered XRP securities.
It’s also important to note that US attorney Jeremy Hogan made predictions about the lawsuit’s potential outcomes. Hogan noted that each side has an equal chance of winning the case.
XRP/USD 4-hour chart | Source: TradingView
By press time, XRP was trading at $0.38 with 24-hour gains of almost 2%.
Read more:
- Whales Continue To Shovel Astounding Sums In Crypto And XRP In Particular, While Its Price Goes Up
- XRP Price Increase Correlated With Address Activity And Social Dominance Spikes
- Ripple’s General Counsel Anticipates Judge’s Ruling In Ripple’s Lawsuit In First Half Of 2023