Expert Says No Surprise If None of Institution Bought XRP Above $0.60
The post Expert Says No Surprise If None of Institution Bought XRP Above $0.60 appeared on BitcoinEthereumNews.com.
Crypto-law founder Attorney John Deaton has made a surprising remark regarding the acquisition of XRP by institutional investors. In his recent tweet, Attorney Deaton said he won’t be surprised if he finds out that no institutional investor acquired XRP above $0.60. Excluding ODL transactions, I wouldn’t be surprised if there isn’t a single institutional investor who acquired XRP over 60 cents. https://t.co/GHJRomndAr — John E Deaton (@JohnEDeaton1) November 4, 2023 ODL-Related XRP Sales Excluded The prominent legal expert excluded XRP purchases made by Ripple’s On-Demand Liquidity (ODL) clients. It is noteworthy that Ripple’s ODL solution uses XRP as a bridge between two fiats during cross-border settlements. – Advertisement – Based on ODL design, users are required to acquire XRP to facilitate cross-border payments through the solution. Expert Outlines Appropriate Remedies in Ripple Case Deaton made the remark in response to Attorney Jeremy Hogan’s tweet highlighting the appropriate remedies Ripple could pay for violating federal securities laws in relation to its institutional sales of XRP. Reacting to the Second Circuit ruling in the SEC v. Govil case, Hogan suggested that the decision could impact the outcome of the remedies phase in the Ripple lawsuit. The Govil case, which was introduced in 2021, saw the SEC charge the defendant with engaging in a fraudulent securities scheme through a company named Cemtrex. Despite Aron Govil’s acceptance of returning the proceeds obtained from the scheme, the regulator demanded an extra disgorgement. A federal court granted the SEC’s motion for additional disgorgement, thus prompting the defendant to seek an appellate review. Interestingly, the U.S. Court of Appeals for the Second Circuit overturned the lower court’s decision and remanded the case. This time, the Second Circuit instructed the federal court to grant disgorgement only if Cemtrex investors suffered financial losses. Based on the Second Circuit decision,…
Filed under: News - @ November 6, 2023 11:18 am