What If SEC Lose Summary Judgment In XRP Lawsuit?
Amid increasing demand for regulatory clarity around digital assets, US SEC filed its motion for Summary Judgement in the XRP lawsuit recently. This event has boosted the hopes of the Ripple community of seeing a resolution over the XRP’s nature soon.
XRP lawsuit to bring regulatory clarity?
It is expected that the outcome of the XRP lawsuit will eventually provide lucidity over digital assets also. However, John Deaton, Amicus Curiae, or XRP holders’ lawyer in the case doesn’t think so.
As per Deaton, people are making a huge mistake thinking that if Ripple wins the summary judgment brief then it will help and apply to other cryptos ahead. He expects that the SEC will not honor the court’s ruling in the XRP lawsuit. However, the commission will continue its war on Crypto.
He added that the SEC chair Gary Gensler will appeal against the Judge’s ruling. It will argue the judge was wrong. While they expect to win on appeal. Meanwhile, the ruling will apply only to the XRP and not to other digital assets.
However, if the court declared XRP a non security along with Bitcoin (BTC). Then it will become the only crypto token with clear regulations.
Will SEC go after Bitcoin?
Meanwhile, Gensler claims Ethereum transactions are subject to US jurisdiction and its historical merge to PoS might have triggered the securities laws. Deaton mentions that Jay Clayton unintentionally provided Ripple and XRP with a gift of clarity.
Earlier, Coingape reported the SEC is starting an argument that global XRP sales might fall under its jurisdiction.
Amicus Curiae in the XRP lawsuit suggested that the SEC’s official position on Bitcoin is that they haven’t made a determination over it. However, it clarified that he does not hint that the commission will go after BTC. It is hard to believe that the SEC holds no position over the world’s largest crypto asset.
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