Renowned attorney and XRP advocate, John Deaton, recently made a bold statement regarding the potential outcome of the SEC vs. Ripple case.
Deaton believes that a positive ruling in favor of Ripple and its digital asset, XRP, could have far-reaching implications for the broader cryptocurrency market.
Popular Crypto YouTuber Urges Americans to Take a Stand Against SEC’s Control
In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, a prominent player in the cryptocurrency space, a recent development has sparked optimism among cryptocurrency enthusiasts and market participants.
Today, one of the well-known cryptocurrencies YouTuber Scott Melker aka (Wolf of All Streets) stated in his tweet :
“That if Americans do not fight back the SEC’s gross overreach, they will be left to trade only four crypto assets, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) on exchanges that are run by Wall Street.”
Scott pointed out these four assets because earlier, SEC Chair Gary Gensler previously classified them as commodities, distinguishing them from other tokens labeled as securities.
Key Role of Judge Torres’ Ruling on XRP Highlighted by Attorney Deaton
Attorney Deaton joined the discussion, noting that Judge Torres’ ruling becomes increasingly significant with each passing day.
He clarified that if the ruling is unfavorable for XRP, it would maintain the current status quo and potentially strengthen the anti-crypto stance of figures like Gensler, Warren Buffett, and Rep. Brad Sherman. However, Deaton asserted that a favorable ruling for XRP would be excellent news for other crypto assets and the entire market.
Deaton argues that a positive ruling for Ripple will set an example, that separates XRP from other digital assets, including Bitcoin and Ethereum. Even though the other cryptocurrencies could benefit from this judgment, providing newfound clarity to market participants.
SEC Asserts Control Over the Crypto Market with Claims of Authority
The SEC has been claiming authority over the entire crypto market, charging platforms like Coinbase and Binance for allegedly facilitating the trading of unregistered securities.
However, Judge Torres’ ruling on whether XRP sales constitute securities could set a precedent for other tokens to argue against being classified as securities.
It seems that this case holds significant implications for the future of cryptocurrencies. The SEC vs. Ripple case is still ongoing, and the court’s final decision remains pending.
