Pro-crypto attorney John Deaton, who is also the founder of CryptoLaw media outlet, has commented on Grayscale’s current lawsuit against the SEC regarding the conversion of GBTC into a Bitcoin ETF. However, he took the matter a little further and considered whether the current case between the SEC and Ripple (XRP) should also go to the US Supreme Court. Amid these developments, whales continue to accumulate XRP.
Deaton confident of possible Grayscale win
John Deaton commented on a tweet that said there was a chance the Grayscale case could go to the US Supreme Court. “Sharp legal sources were impressed by Grayscale’s briefing before the DC Circuit. He believes it is possible to win,” he said. CryptoLaw founder thinks a win is ‘more than possible’. He says Grayscale’s odds of winning at DC Circuit are 50/50, with a 75-80% chance of winning against the SEC if the case goes to the U.S. Supreme Court. Deaton believes it was ‘arbitrary and capricious’ to refuse Grayscale’s request to launch a spot Bitcoin ETF while the regulator has already allowed Bitcoin futures and short ETFs.
“I have no doubts about deciding in favor of Ripple”
John Deaton later stated that he is confident that if the SEC’s stance against Ripple goes as far as taking the case to the US Supreme Court, the court ruling will be in favor of the blockchain giant. In this context, he says, “The US Supreme Court will rule in favor of Ripple if it goes that far.” Currently, the Ripple-SEC case is the responsibility of the US District Court for the Southern District of New York.
The attorney cites the Supreme Court’s decision in the West Virginia v. EPA case held in late June last year. In this case, which concerned EPA’s authority to regulate carbon emissions to prevent climate change, the court’s decision prompted the US Congress to ban EPA from regulating emissions from plants. Therefore, there is a parallel with the SEC trying to regulate the crypto space. Also, winning the lawsuit against Ripple is the first step towards gaining power over the emerging industry.
XRP whales are accumulating massive tokens
cryptocoin.comAs you follow, the XRP price fell in the crypto winter in 2022. The litigation between Ripple Labs and the SEC did not help the problems. However, the token still attracts whales and institutional investors. XRP still has a chance to recover and this seems to be the motivation behind the whale mass purchase of the token.
WhaleAlert reports that the whales fetched 128 million plus XRP closer to $53 million in the last day. The biggest whale event recorded at that time was the transfer of 35 million XRP worth about $15 million to the Bitstamp exchange. According to the data, whales purchased up to 69 million XRP tokens within 24 hours. The first deposit recorded by Whale Alert is the addition of 33 million XRP (approximately over $13 million) to a Bitstamp address.
Another huge accumulation of whales was 36 million tokens sent to a Bitstamp address at the time of the transaction, worth $14,972,855.
WhaleAlert also reported that XRP is the most traded token among the top 100 BSC whales. The top 100 whales on this list currently hold $28.6 million worth of XRP, which makes up 2.5% of their entire portfolio. In the past few days, whale activity has increased on the XRP network. WhaleAlert reported massive transfers in excess of 600 million XRP between anonymous whale addresses. The whale transfers came amid increased crypto inflows from investors since the start of the year.
As reported by WhaleAlert, a single transaction moved 254,594,795 XRP between two anonymous whale addresses, which totaled $107,778,830. Another was about 221,500,500 XRP worth $89,110,472 from an unknown whale address to a Bittrex-linked wallet. Each of the transfers took place in single transactions.
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