“He and his daughter have not seen each other or spoken to each other in at least three years.”
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Dear Quentin,
I am in my 60s — a widow with no kids, but a big extended family. I own my own house and car. I have a couple of investment accounts, a savings account and a pension. I have listed one of my brothers as beneficiary for all of my assets.
What can I do to make it easier for my brother to settle my estate…
Master your money.
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Lawyer John Deaton, who is representing XRP (XRP) holders, has made a persuasive case in the United States Securities and Exchange Commission (SEC) vs. Ripple legal saga, suggesting that the anticipated $770 million disgorgement for Ripple is improbable. He grounds his prediction on various influential factors that could sway the court’s judgment.
Deaton underscored the significance of the U.S. Supreme Court’s Morrison ruling, which effectively limits the SEC’s jurisdiction to sales within the United States. This gains relevance as Ripple’s XRP sales in the United Kingdom, Japan, Switzerland and other jurisdictions face scrutiny. Additionally, the legal standing of XRP in these jurisdictions bolsters Ripple’s stance.
I will address this on Tuesday’s @CryptoLawUS livestream. @Ripple will pay a lot less than $770M.
The Supreme Court ruled disgorgement is not punitive in nature and cannot exceed “net profits” from the sales. A company can deduct legitimate business expenses. @bgarlinghouse and… https://t.co/jDkOfouj1w
— John E Deaton (@JohnEDeaton1) November 11, 2023
For example, regulatory bodies like the Financial Conduct Authority in the U.K. and the Financial Services Agency in Japan have not categorized XRP as a security. This classification is crucial, as it permits the lawful continuation of XRP sales in these regions, posing a challenge to the SEC’s pursuit of disgorgement from these global transactions.
Additionally, Deaton highlighted that the legal action against Ripple is not centered on fraud but instead constitutes a regulatory disagreement. This differentiation is important as it redirects attention from punitive measures to regulatory adherence. Given that a substantial portion of XRP sales happen outside the U.S. and involve accredited investors, the potential for disgorgement diminishes significantly. Deaton estimates a significant reduction in the potential disgorgement amount by excluding non-U.S. sales, which may constitute over 90% of total sales and sales to accredited investors.
Related: Crypto lawyer says $20M settlement is 99.9% win for Ripple
Furthermore, the lawyer highlighted that most institutional XRP sales have not resulted in harm, as the current XRP price exceeds the levels during those sales, indicating a lack of investor losses. Deaton also underscored the rapid nature of On-Demand Liquidity transactions with XRP, occurring within seconds, reducing the potential for investor harm. Interestingly, the accusations of harm are more directed at the SEC than Ripple, particularly among the 75,000 XRP holders participating in the legal action.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Sam Bankman-Fried will be pushing to clear his name after his former colleagues made many revelations that could lead to his imprisonment for more than 100 years if the jury finds him guilty.
After the prosecutors had a chance to present their witness to testify against former FTX boss Sam Bankman-Fried (SBF), the defense attorneys confirmed that their client was ready to have his time on the stand. According to defense attorney Mark Cohen, SBF could testify during the trial on Thursday, in a bid to set things straight following heavy accusations by his former colleagues including Caroline Ellison, Gary Wang, and Nishad Signh. However, the task ahead of him is not easy as the prosecutors have several recordings of him speaking about how FTX collapsed, which will be compared with his testimony.
Notably, Cohen told the prosecutors and the presiding Judge Lewis Kaplan that the SBF’s testimony would not take long. Moreover, the defense team intends to call three witnesses including a Bahamas-based lawyer, Joseph Pimbley. Nonetheless, SBF has been described as having a ‘loose tongue’ by legal experts, which has put him in more trouble with the court.
For instance, SBF went ahead to speak with the media, a move that violated his bail conditions, hence being put in police custody before the trial even began. Additionally, SBF lost the initial attorney Paul Weiss for what is believed to be a similar conflict of interest.
As a result, legal experts led by Brian Newman, an attorney at the law firm Dykema Gossett, believe that SBF will be walking on a tightrope on the stand. Moreover, the jury has already been informed of the events that led to the FTX collapse by different witnesses and presented with details from acting CEO John Ray III.
What Next for FTX Customers amid SBF’s Trial
The FTX customers are undeniably running out of patience as the bankruptcy proceedings take longer to resolve and more money gets spent in the restructuring process. Moreover, Ray confirmed that the exchange had recovered about $5 billion of customers’ assets and was recently given the green light to liquidate the crypto assets. Earlier this week, crypto analytics platform Nansen highlighted that FTX officials had moved about $8.7 million in Ether, Chainlink, and AAVE to Binance crypto exchanges in a bid to liquidate the assets.
FTX and Alameda funds are on the move! 🏃
– 2.2M USD LINK
– 1M USD AAVE
– 2M USD MKR
– 3.4M USD ETHThese funds moved to 0xde9 then 0xaee which is a Binance address
We don’t track offchain movements, but presumably, this is to either sell or to prepare to sell these funds pic.twitter.com/n6jfyghDmk
— Nansen 🧭 (@nansen_ai) October 25, 2023
The FTX officials have sued several parties including SBF parents who are believed to have taken customers’ funds through Alameda Research in a bid to maximize recovery. However, the funds recovered could never be optimized to entire deposits as SBF and the team had spent notable funds in funding politicians and parties across different cities.
As a result, the crypto community will be eagerly waiting for SBF’s testimony to have a better glimpse of how the customers’ funds were lost.
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