Ripple Vs SEC Lawsuit Coming to a Positive Close – How the Outcome Will Impact The Crypto Space
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It seems that the day is too far until the Ripple vs SEC case is finally resolved. Now, with recent updates, the US Securities and Exchange Commission (SEC) has sent a request for summary judgment on the XRP lawsuit. The move has created a sense of hope for an end to this long-running dispute.
The outcome of this summary judgment in the XRP lawsuit is expected to define clear terms for mainstream virtual currencies as well. On the contrary, XRP holder attorney John Deaton disagrees with the above opinion.
He claims that the community is misinterpreting that if Ripple turns out to be a winner in the roundup, it will also help other digital currencies. This is because Deaton believes that the SEC will not agree with the court's decision on the XRP lawsuit and the agency will certainly continue its stance against the crypto.
The decision regarding XRP does not apply to other cryptos
The XRP holder's lawyer also adds that SEC Chairman Gary Gensler has a good chance of filing an application for the court's ruling as he expects the SEC to win the ruling. Deaton further claims that whatever the decision is, it will only affect XRP and not crypto as a whole.
On the other hand, the lawyer also says that if the court's decision turns out to be a statement that XRP is insecure along with Bitcoin (BTC), XRP will be the only altcoin with clear regulations.
After all this, there is speculation that the Securities and Commission (SEC) could turn its eyes to the world's first cryptocurrency, Bitcoin. However, Deaton notes that the SEC has not come up with an official position on Bitcoin, and he explains that he is not suggesting the SEC is moving towards BTC.
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