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XRP Likely To Be Only Clarity for Next 2 Years, CryptoLaw Founder Predicts

Sat, 01/07/2023 - 13:40
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Tomiwabold Olajide
Crypto industry remains in crosshairs of Congress after FTX fallout
XRP Likely To Be Only Clarity for Next 2 Years, CryptoLaw Founder Predicts
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CryptoLaw founder and blockchain enthusiast John Deaton makes a larger case for why XRP remains significant and should be cared about.

According to him, whatever the outcome of the Ripple-SEC lawsuit is, it might likely be the only clarity the crypto market gets for the next two years.

If Ripple loses its lawsuit with the SEC and XRP is deemed a security, then the SEC might be emboldened in its regulation through an enforcement campaign.

"You should care about XRP because what Judge Torres decides about XRP is likely the only clarity we get for the next 2 years. If she decides XRP is a security, it will embolden the SEC to come after the other tokens," Deaton stated.

Deaton believes that XRP is already the first regulated cryptocurrency in the U.S. when considering the 2015 FinCEN/DOJ settlement, but on a macro scale, the cryptocurrency market would gain clarity based on the Ripple-SEC lawsuit.

The CryptoLaw founder was reacting to a tweet by Blockchain Association's Ron Hammond, who stated that the crypto industry remains in the crosshairs of the Congress after the FTX fallout.

Ripple v. SEC: Crypto Attorney Offers Perspective on Settlement in Light of Hinman Emails

With the motions for summary judgment and to exclude expert testimonies now fully briefed, John Deaton thinks a court verdict might be more likely than one of settlement.

Responding to a user who asked him if the judge could decide before March, Deaton replied, "If I had to bet, I would say not before March. Maybe by the end of March. The Judge's summary judgment decisions in the past have taken between 3-6 months to issue a written ruling."

On Dec. 2, the SEC and Ripple both filed redacted replies to each other's opposition to motions for summary judgment. According to Stuart Alderoty, general counsel of Ripple, this marked the final submission asking the court to "grant" judgment in its favor.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.