It is no secret that the ongoing Ripple vs. SEC case has brought intense pressure to the involved parties. XRP owners, blockchain companies, and crypto enthusiasts have all eagerly waited patiently for the ruling from Judge Analisa Torres, who is taking her time to ensure the ruling begins the much-needed regulatory clarity for the cryptocurrency industry in the United States. John Deaton, CryptoLaw founder and attorney representing thousands of XRP holders in the case, clarified the delay, citing the immense pressure faced by the Judge, who is fully aware of the significance of this ruling on the blockchain industry.
He detailed how the lawyers involved were actively making a case out of the proceedings: Ripple putting forth their stance of not having the XRP token classified as a security, and the SEC appearing to make an example out of Ripple, emphasizing their argument that the token was indeed a security. In addition to this, Deaton noted how important the decision was in the larger context of global trading and finance markets, signaling a possible reshaping of market structure in modern times.
Furthermore, Deaton quelled the impatience among XRP owners, emphasizing that the ruling is not as simple as many may think it to be, so exercising patience was necessary. He commented that depending on the ruling, a differing appeal process would be initiated based on who the verdict favored; a ruling against Ripple would mean it can be appealed in higher courts, and a ruling for Ripple would require the Judge to explain and defend their decision. He finished the commentary by reiterating that the process can take up to two months, due to the high stakes of the case.
The Ripple vs. SEC case is widely considered as one of the most influential court cases of recent times, as the ruling could potentially shape the structure of global financial and trade markets. Both parties involved and XRP supporters have amped up their efforts in anticipation of the ruling to come, which could take a few more weeks. It will be interesting to quantitatively witness what the consequences of the final ruling will be.
Lincoln James
- 2023-04-05
What Ripple's Battle Against SEC Could Mean For The Markets
Ripple's rivalry with the US Securities and Exchange Commission is considered to be one of the most significant court cases in recent times and could redefine the global trade and finance markets depending on the outcome. Crypto attorney John Deaton provides insight into the intense pressure being faced in the situation and explains what could be the potential implications of the ruling.
