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XRP holders' lawyer and crypto attorney John Deaton has come out again to hail blockchain payments firm Ripple Labs Inc with respect to its ongoing fight with the United States Securities and Exchange Commission (SEC). Taking to his favorite communications platform, the X app, Deaton said innovators in the Web3.0 ecosystem should stop bowing down to transient regulators.
Contextualizing accolade
This statement comes in response to a similar post from fellow attorney and Ripple Labs' chief legal officer (CLO), who noted that lawyers should not be told not to poke the bear as that is the only way to fight regulators who have political agendas.
To Deaton, the fact that Ripple Labs and its two indicted executives, Brad Garlinghouse and Chris Larsen, chose not to settle with the SEC as the regulator might have assumed, has proven that they did not succumb to intimidation from the markets regulator. Deaton and the top industry leaders have considered the handling of Ripple and its executives in its lawsuit as a one-of-a-kind decision that is billed to favor the whole industry in the long term.
The decision is paying off already, as the company scored a temporary win against the SEC when Judge Analisa Torres declared that the much-disputed XRP coin is not a security when it is trading in a secondary marketplace.
However, this win is still contested by the regulator, whose request to file an interlocutory appeal has been granted by Judge Torres and acted on actively. Though industry experts, including John Deaton, believe this proposed appeal is not a threat to the extant verdict, the process needs to be experienced in order to validate the ruling.
Broader upside for XRP
The ongoing lawsuit and current developments have proven to have more upside for the XRP currency in terms of price gain. Should the verdict from Judge Torres be validated, we might see the price of XRP going parabolic in the near future.
Tomiwabold Olajide
Gamza Khanzadaev
Yuri Molchan
