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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 you're not a #Bitcoin Maxi and own #ETH or any other altcoin, you should care about #XRP b/c 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. https://t.co/VgB6OXyk7h
— John E Deaton (@JohnEDeaton1) January 6, 2023
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.
Tomiwabold OlajideWith 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.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov