CryptoLaw founder makes a larger case for why XRP remains significant and should be cared about
John Deaton, the creator of CryptoLaw and a supporter of the blockchain, presents a more comprehensive argument for why XRP is still important and merits attention.
Finally, some people care enough about #XRP to ask whether anybody cares about #XRP. https://t.co/fud3ef7AOd
— John E Deaton (@JohnEDeaton1) January 6, 2023
Whatever the outcome of the Ripple-SEC action, in his opinion, it may be the only clarification the cryptocurrency industry receives for the ensuing two years. If Ripple’s action against the SEC is unsuccessful and XRP is declared a security, the SEC may feel more confident about enforcing its regulations.
“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.
When considering the 2015 FinCEN/DOJ settlement, Deaton feels that XRP is already the first regulated cryptocurrency in the U.S. However, on a larger scale, the cryptocurrency market would become more clear as a result of the Ripple-SEC action.
The founder of CryptoLaw was responding to a tweet from Ron Hammond of the Blockchain Association, who claimed that Congress is still targeting the cryptocurrency sector due to the FTX scandal. John Deaton believes that since the requests for summary judgment and to exclude expert testimony have been properly briefed, a court decision may be more likely than a settlement.
Deaton responded to a user who wondered if the judge could decide before March by saying, “I would wager that it won’t happen before March. By the end of March, perhaps. In the past, the Judge has spent three to six months to write up his summary judgment decisions.”
The SEC and Ripple each submitted a redacted reply to the other’s opposition to a move for summary judgment on December 2. Ripple’s general attorney, Stuart Alderoty, claims that this served as the organization’s final request for the court to “grant” judgment in its favor.
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