Lawyer James Filan believes SEC vs Ripple lawsuit is a war and reveals reasons for a settlement is unlikely
The prominent lawyer who closely followed the Ripple and SEC lawsuit, James Filan, stated that a settlement between Ripple and the U.S. Securities and Exchange Commission (SEC) is unlikely.
A seasoned expert in commercial litigation and founder of Connecticut-incorporated Filan LLC, James K. Filan
Lawyer James Filan explains why we shouldn’t expect Ripple – SEC settlement
Filan personally doesn’t think the idea of a settlement between Ripple and the US SEC is viable.
“Everything I say here is speculation, but based on my experience, I have a different take on what is happening in this case. I don’t think that anyone should expect a settlement anytime soon.”
2/7 The government is not giving up and based on everything I’ve read Ripple will not give in. I do think that the Hinman deposition went forward. I don’t think Ripple would forfeit that opportunity. Ripple said Hinman has “unique first-hand knowledge about the SEC’s
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) July 30, 2021
According to him, the government is not giving up, and Ripple will not give in when the Hinman deposition went forward. So Ripple would not forfeit that opportunity. That said, Filan disagrees with Jeremy Hogan, who claimed that the parties are close to a settlement. Hinman’s deposition is meant to strengthen Ripple’s position: it could clarify what the SEC was saying about the status of cryptocurrency and its regulation, Howey tests, and so on all the way from 2018.
“If they can find out specifically who he spoke with and what was “information that Mr. Hinman can himself provide” – Ripple can learn information about what the SEC said to market participants that are crucial to Howey, the aiding and abetting charge and the fair notice defense. My take is that Ripple got names of who Hinman and others talked to and what was said, and now Ripple is out there interviewing those people. I also understand that people are mad about the SEC’s actions and inactions after all this time,” he added.
As a result, Filan stated that Ripple representatives might be speaking to Hinman reporters to provide an updated perspective on this aspect of the case. The lawyer is certain that the process and its results are of paramount importance to the entire decentralized and blockchain industry.
“When a party focuses on hurting the other side, they lose focus on winning for themselves. This case is about winning and making the whole crypto space succeed. If the SEC or anyone else gets hurt in the process, they brought it on themselves. But that’s not the goal.”
The goal is to clean this mess up and move forward. So, that’s why the settlement is coming anytime soon. This is a war. And he thought that we should settle in for the long haul.
- Almost 240 Million XRP Has Been Wired In The Past Thirteen Hours At Price At $0.74
- Global XRP Trading Volume And Volatility Exploded In The Second Quarter, Up 98%, Despite Ongoing SEC Lawsuit
- General Manager Of RippleNet: Central Banks Won’t Adopt The XRP Ledger Overnight, So… Waiting!