Deaton Says Nothing Changes For Ripple Even if it Loses Summary Judgment

Deaton Says Nothing Changes For Ripple Even if it Loses Summary Judgment

Time Stamp: March 29, 2023 1:23 PM
Source Node: 2550266
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Attorney Deaton believes nothing will change for Ripple and will continue to grow even if the company loses summary judgment.

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The cryptocurrency community has continued anticipating the summary judgment for the Ripple v. SEC lawsuit. It is common knowledge that a ruling favoring Ripple would boost the price of XRP and set a precedent for similar cryptocurrency projects.

However, not much has been said about what would happen if Ripple fails at arguing that XRP is not a security. In a tweet today, attorney John Deaton backed comments made by Bilal S. Little, president of DFD Partners, on the matter.

During a recent interview with CoinDesk TV, Little said the outcome of the ongoing Ripple lawsuit would not affect Ripple’s operations in any way. 

“It does not matter whether [Ripple] wins or loses. They still have those long-term institutional partnerships in which they will still be able to move value across the internet,” Little said. 

“[Even if Ripple loses] it will still play a typical role representing Bank of America and other several and large institutions. [It will also continue to move] capital around the world, providing liquidity to both small and regional institutions.” 

Deaton: Ripple Will Grow Even If It Loses

Reacting to the comment, attorney Deaton said the DFD Partner’s executive’s analysis is correct. According to Deaton, if Ripple loses its case against the SEC, the company will continue its normal operations. At the same time, it appeals the ruling to the Court of Appeals for the Second Circuit. 

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He added that since the SEC did not seek a preliminary injunction, the leading Silicon Valley tech company will continue to experience tremendous growth of 800%. 

While attorney Deaton believes that Ripple’s operations will not be affected by an unfavorable ruling, he wonders what would happen if the blockchain company wins the lawsuit.

Notably, Ripple CEO Brad Garlinghouse had previously expressed the same view. As reported by TheCryptoBasic, Garlinghouse said nothing would change even if the Judge did not rule in favor of Ripple.

Per Garlinghouse, the company has continued to experience massive growth despite operating as if it has already lost the case. However, he thinks the Judge will grant summary judgment in favor of the company. 

“I am betting that [Ripple will win the lawsuit], just to be clear. I am betting on that because I know the facts are on our side,” Garlinghouse told Axios Fintech Reporter Lucin Shen at Collision 2022.

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