- CryptoLaw founder John Deaton shares that agreement to seal sensitive documents could spark Ripple and SEC settlement.
- Deaton has previously opined that he expects the case to end with a court verdict.
Attorney John Deaton, the founder of CryptoLaw, has revealed the condition he thinks will speed up a settlement between Ripple and the SEC.
The XRP Ledger blockchain enthusiast stated in a tweet that if there is a settlement, it would include an agreement to not disclose any documents received during the litigation of the case.
If there is a settlement it would include an agreement to not disclose any documents received during the litigation of the case. But Ripple isn’t going to be the only company that seeks disclosure of those documents. Other defendants sued by the SEC will, FOIA litigation, etc.
— John E Deaton (@JohnEDeaton1) January 13, 2023
However, he adds that such a settlement would not end the public’s pursuit to know the contents of the documents. The documents may still get unsealed by other defendants the SEC will face, as well as FOIA litigations. He said.
If there is a settlement it would include an agreement to not disclose any documents received during the litigation of the case. But Ripple isn’t going to be the only company that seeks disclosure of those documents. Other defendants sued by the SEC will, FOIA litigation, etc,
Deaton was responding to a community member’s inquiry as to whether there is any chance that Judge Analisa Torres would rule on the Ripple and SEC’s sealing disputes soon. Particularly, the question highlighted the Bill Hinman email documents.
The SEC is seeking to seal the documents from the public as part of settlement conditions. However, Ripple argues that the documents are central to summary judgment and should be made public. Per the community member, the judge’s ruling could jumpstart a potential settlement.
Deaton’s take on the matter came after both Ripple and the SEC filed redacted motions to exclude certain expert witnesses from their motions to unseal. Ripple’s motion seeks to exclude the SEC’s expert 2 and accompanying exhibits from the public docket. Meanwhile, the SEC’s motion was for an omnibus exclusion of Ripple expert witnesses.
Ripple and SEC case closure still expected in H1 2023?
Deaton has previously opined that he is not expecting Ripple and the SEC to reach any kind of settlement, especially not because of the Hinman emails. The attorney explained in a Twitter thread that there is only one likely basis on which SEC chair Gary Gensler would push for a settlement.
This is if it becomes apparent the case will swing completely in Ripple’s favor as that would set a bad precedent for the regulator. Ripple will also not agree to a settlement except the SEC concedes that its XRP token is not a security. Based on this, Deaton is expecting the case to go to verdict and close through a decision from Judge Torres.
Ripple supporter attorney James Filan has predicted that this verdict could arrive within the first half of 2023. He projects that the presiding judge will announce her verdict on or before March 31.
Notably, both parties have already filed motions to proceed to summary judgment. The only disputes remaining in the case are the unsealing motions, as well as the Daubert motions to protect third parties.
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