SEC with Ripple The litigation between cryptocurrencies has come a long way and has been a hot topic among crypto enthusiasts. As the case progressed, people began to anticipate all sorts of outcomes, whether it was a settlement between the two parties or one person winning. While these issues remain unclear, one thing is certain: the outcome of this lawsuit will determine the future path of the burgeoning crypto industry.
Is the SEC doing an injustice to XRP?
Lawyer John Deaton, who is the voice of more than 65,000 XRP holders in court and on the internet, gave some clues. As we reported earlier, the SEC chairman who gave an interview recently Gary Gensler declined to comment on what Ethereum and Ripple did differently with their tokens in the IPO. This “SEC privileges Ethereum?” raised questions.
On Gensler’s response, Deaton said, “Imagine for a minute. Ether Foundation, Vitalik (Vitalik Buterin), Lubin (Joseph Lubin) etc. What is the absolute best scenario for Compromise! This will give Ethereum certainty in moving forward. Gensler is subject to all this pressure about free passage. I wouldn’t be surprised to hear there was a deal.” said.
Attorney Deaton, SEC’s ETHHe brought up some important issues about his choice of . However, it also shed some light on the speedy agreement that could happen between them. He also implied that the ‘reconciliation’ would prevent a lengthy investigation and provide a public win for the SEC.
However, if this quick deal between the SEC and ETH happens, a lot of questions will definitely come up with it. This will also expose the SEC’s ‘unfair transaction’ to Ripple as ETH gets a ‘quick deal’.
“Recently, crypto lending platform BlockFi agreed to pay $100M in a settlement with the SEC. The settlement was reported as the largest recorded penalty ever taken by a crypto firm.”
What if XRP wins the case?
Besides, in 2012, Ripple when it launched, Chris Larsen (who was the CEO at the time) asked a law firm for advice on the status of XRP. This law firm, whose name was not disclosed all this time, sent two notes to Ripple in which it analyzed all legal issues that may arise from the new token. The subject of the case is the content of the notes. According to the SEC, Ripple was advised that XRP is a security, but regardless, the company chose to continue with its plans regarding the token. According to a recent ruling by Judge Analisa Torres, the content of the legal advice Ripple received from its foreign adviser in the 2012 notes could be made public on February 17.
The SEC’s time to open these notes from 2012 is about to expire. This evidence will reveal important facts while giving a clear picture of the case. There has been a lot of speculation about the case as many decisions have supported Ripple so far. If XRP manages to win this case, there is uncounted potential for the coin. The token will certainly be the only crypto asset with regulatory approval that will invite large numbers of investors. Most crypto exchanges will relist XRP globally. Ripple may go public through offering after litigation.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.