Former Comptroller of Currency Predicts Settlement In XRP Lawsuit

By Kevin • August 22, 2022 9:47 pm • Comments

Brian Brooks is known as the former CEO of Binance US and was a former Comptroller of the Currency.

Brooks revealed his prediction on how the XRP lawsuit would end and shared that the court is now in a position where they can decide whether or not XRP is considered a security.

As a result, it may be likely that a settlement is coming soon.

Trending: Ripple Spells Out Penalty Terms To SEC

He stressed a point that the SEC had made which is that assets can change their nature with time as they achieve more utility and centralization.

Whether or not that will apply to XRP is still unknown at this point in time, but it seems that the SEC is certainly not likely to apply that same logic to XRP.

TimesTabloid.com reports:

Brian Brooks noted:

“Here, the most important issue about the XRP is that there is a difference between the way the asset is distributed and the nature of the asset at a given moment and time.

And I think the issue is that whatever happened at the original distribution of the XRP tokens ten years ago, whether that was or was not a security, that is what the courts will decide.

“The question is whether XRP today is security? The answer is that the SEC itself has said that assets can change their nature with time as they achieve utility and decentralization.”

In the course of the conversion, Brooks predicted that settlement will be the last resort for both parties to enable investors to continue trading XRP in the United States as usual.

Since Brooks is predicting a settlement will happen, he is also saying that he believes that the point of focus around this settlement will be based on how the XRP tokens were distributed at the ICO.

This way, it may be possible for existing XRP holders to finally trade the digital asset meaning that the assets will no longer be frozen for investors.

So far, speculators are hoping that the judge will give a final verdict by March of next year which will finally bring a conclusion to the long-standing lawsuit.

Crypto-News-Flash reports:

As the court case between the blockchain firm and SEC continues, Ripple has scored massive points recently. The current topic of discussion in the 2018 William Hinman speech.

The SEC claims documents about that speech are confidential, and Ripple can’t access them. However, the court has ruled twice that the financial watchdog should make the records available.

Despite the court’s verdict, the SEC still objected to the ruling. Meanwhile, attorney John Deaton, representing 71,000 XRP holders, has predicted that the SEC would prefer to settle with Ripple than release the Hinman documents.

Deaton further revealed that the document the SEC is hiding also contains testimony from other top SEC officials such as Amy Starr and Valerie S.

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