Claim $500XRP Lawsuit: SEC May Force Cryptos To Register If Ripple Loses?
XRP Lawsuit: U.S. Securities and Exchange Commission (SEC) has been under the scrutiny of several crypto leaders over its alleged regulatory overreach. The recent developments in the long running XRP lawsuit have brought some hope to the crypto community regarding regulations. However, the Ripple lawsuit is yet to see its Summary Judgment.
XRP lawsuit to decide the fate of crypto industry?
Charles Gasparino, FOX Business Journalist in a tweet mentioned that the Coinbase crypto exchange is developing a strategy to survive SEC regulatory crackdown over the digital asset industry. This includes brokers-dealer trading coins registered as securities.
However, this move comes as a much anticipated Summary Judgment in the XRP lawsuit looms in. This suggests that the SEC win in the Ripple lawsuit might force coins aside from Bitcoin (BTC) to register.
He added that the crypto community seeks another bloodbath if the US SEC registers a win against Ripple in the XRP lawsuit. This will motivate the commission to push tougher rules.
FOX Business Journalist highlighted that the SEC oversight will impact nearly every sector including the crypto exchanges. However, this will fulfill Gary Gensler, SEC Chair’s desire to force regulations on every crypto.
XRP lawyer highlights SEC’s most important argument
John Deaton, Amicus Curiae in the Ripple lawsuit stated this deserves to be covered widely. As the XRP case is one of the most important non-fraud enforcement actions since 1946.
However, he mentioned that SEC has produced one of the strongest general arguments in the case. It has mentioned software sales compared to XRP sales to fund the business and more.
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