Former Lawyer and XRPL Layer-2 Builder States Five Predictions for Ripple-SEC Lawsuit

Scott Chamberlain, former lawyer and XRP Ledger layer-2 builder, has recently predicted the outcome of the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), as the final decision in the long-standing case draws near.

In a thread of tweets on the 10th of March, Chamberlain highlighted five possible outcomes people should expect as XRP waits patiently to know its fate in the United States markets.

Read Also: Ripple General Counsel Outlines Ripple’s Plans if XRP Lawsuit Summary Judgment Favors SEC

Regarding the summary Judgment for the two top executives of Ripple, Chris Larsen and Brad Garlinghouse, the former lawyer is of the opinion that the SEC has no evidence to prove that they intentionally sold XRP as an unregistered security.

Scott Chamberlain tweeted, “With a decision in SEC v Ripple seemingly nigh, I thought I’d do the stupid thing and predict 5 outcomes: 1. Summary judgement for Chris and Brad – I don’t think the SEC has anywhere near the evidence to support they knowingly or recklessly sold an unregistered security.”

Scott Chamberlain highlighted further:

“2. Summary Judgement for Ripple in Respect of Overseas sales – Ripple’s sales of XRP on overseas exchanges are not within the court’s jurisdiction. A wholly new precedent would be set to deem those domestic transactions finalised in the US.

“3. Summary Judgement dismissing the part of the case that asserts XRP itself is a security – no precedent supports the digital asset itself being a security. This claim was a contrivance for the SEC not to have to prove each sale and to avoid the problem of overseas sales.

Read Also: Ripple General Council and Attorney John Deaton Speak of Chances of SEC Losing XRP Lawsuit in Supreme Court

“4. What proceeds is a limited case about whether any of Ripple’s sales of XRP in the US involved an unregistered investment contract.

“5. Because of 2 and 3, the case settles. I happen to believe the SEC underestimated that most of Ripple’s sales occurred on overseas exchanges through algorithmic trading. Once overseas and secondary market sales are excluded, there’s insufficient meat left on the bone.”

Over the past few days, there have been predictions from different quarters of the crypto community regarding the outcome of the XRP lawsuit. It’s not surprising that there are speculations about the outcome of the lawsuit since the extended legal tussle is now closer to the end at the district level.

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