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<ul> 
 <li>SEC seeks $770 million in Ripple case, sparks settlement discussions.</li> 
 <li>Attorney John Deaton shares insights on the ongoing Ripple vs. SEC battle.</li> 
 <li>Ripple’s legal journey and potential outcomes in the SEC lawsuit.</li> 
</ul> 
<p>Recent developments in the <a href="https://cryptonewsland.com/sec-case-against-ripple-execs-officially-dismissed-judge-signs-final-order/" target="_blank" rel="noreferrer noopener">ongoing Ripple vs. SEC case</a> have stirred the crypto community. The SEC is seeking a massive $770 million to settle the XRP case. This substantial demand has raised eyebrows and led to heated discussions in the legal sphere.</p> 
<p>John Deaton, the attorney representing thousands of XRP holders, has provided insight into the situation. He expressed his skepticism regarding the progress of settlement talks between <a href="https://ripple.com/" target="_blank" rel="noreferrer noopener nofollow">Ripple</a>, its key figures (Brad Garlinghouse and Chris Larsen), and the SEC.&nbsp;</p> 
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   <p lang="en" dir="ltr">As I said on <a href="https://twitter.com/CryptoLawUS?ref_src=twsrc%5Etfw">@CryptoLawUS</a> TV yesterday with <a href="https://twitter.com/attorneyjeremy1?ref_src=twsrc%5Etfw">@attorneyjeremy1</a> and Thien-Vu, I do not believe there has been a single serious conversation regarding settlement between <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw">@Ripple</a> <a href="https://twitter.com/bgarlinghouse?ref_src=twsrc%5Etfw">@bgarlinghouse</a> <a href="https://twitter.com/chrislarsensf?ref_src=twsrc%5Etfw">@chrislarsensf</a> and the <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a>. <br><br>The SEC is pissed and embarrassed and wants $770M worth… <a href="https://t.co/kcXvsrPgaa">https://t.co/kcXvsrPgaa</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1717326730438807971?ref_src=twsrc%5Etfw">October 25, 2023</a>
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<p>According to Deaton, there hasn’t been a significant conversation on settlement terms. He described the SEC’s position as “pissed and embarrassed” and emphasized their demand for a $770 million settlement.</p> 
<p>Deaton went on to explain that the penalty phase is akin to a second legal battle, requiring extensive documentation, depositions, and negotiations. Ripple aims to significantly reduce the $770 million settlement by excluding certain factors, such as On-Demand Liquidity (ODL) transactions, reducing expenses, costs, and more.</p> 
<p>To provide context, the SEC sought $23 million from LBRY.com, a case that involved eight months of additional litigation before a fine of $130,<a href="https://cryptonewsland.com/cathie-wood-remains-confident-bitcoins-potential-to-reach-1000000-by-2030/">000</a> was issued. This protracted legal process indicates that a final judgment in the Ripple vs. SEC case may not be expected until late summer, at the earliest, and a full year before any potential appeal is filed.</p> 
<p>The outcome of <a href="https://cryptonewsland.com/coinbase-challenges-secs-overreach-in-defining-securities/" target="_blank" rel="noreferrer noopener">Coinbase’s motion to dismiss (MTD)</a> may play a significant role in the direction this case takes. If Coinbase’s MTD is successful, it could force the SEC to reconsider its anti-crypto stance and potentially lead to a settlement with Ripple. However, if Coinbase’s MTD is unsuccessful, a settlement may become less likely.</p> 
<p>The crypto community will be closely watching the arguments on <a href="https://www.coinbase.com/" target="_blank" rel="noreferrer noopener nofollow">Coinbase</a>‘s MTD scheduled for January 17, 2024, with a ruling expected 60-120 days later. Until then, Ripple is anticipated to incur substantial legal expenses in its effort to reduce the $770 million settlement demand.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/settlement-talks-surface-xrp-not-out-of-the-woods-yet/">Settlement Talks Surface, XRP Not Out of the Woods Yet?</a></li>
 <li><a href="https://cryptonewsland.com/why-coinbases-motion-to-dismiss-could-affect-ripples-future/">Why Coinbase’s Motion to Dismiss Could Affect Ripple’s Future</a></li>
 <li><a href="https://cryptonewsland.com/how-visa-is-pioneering-usdc-settlements-on-solana/">How Visa is Pioneering USDC Settlements on Solana</a></li>
 <li><a href="https://cryptonewsland.com/nexo-announces-its-us-withdrawal-amid-sec-settlement/">Nexo Announces its US Withdrawal Amid SEC Settlement</a></li>
 <li><a href="https://cryptonewsland.com/bank-of-england-boe-adopts-ripples-interledger/">Bank of England (BoE) Adopts Ripple’s Interledger Protocol for Payment Settlement</a></li>
</ul> 
<p>The post <a rel="nofollow" href="https://cryptonewsland.com/sec-seeks-770-million-in-ripple-case-as-settlement-talks-continue/">SEC Seeks $770 Million in Ripple Case as Settlement Talks Continue</a> appeared first on <a rel="nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

SEC Seeks $770 Million in Ripple Case as Settlement Talks Continue

Crypto News Land

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