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XRP Lawsuit Updates: The crucial lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple to decide whether the XRP, the world’s seven largest crypto is a security or not is awaiting the court’s ruling around the summary judgment. However, XRP holders’ lawyer has dropped what could be the biggest danger to Ripple in the lawsuit.
What If Judge gives SEC a win in XRP lawsuit?
John Deaton, Amicus Curiae in the XRP lawsuit disregarded the opinion that an appellate decision can be a much bigger deal than a district judge’s decision. He mentioned that the LBRY lawsuit ruling wasn’t big a big deal in regard to the XRP lawsuit.
He added that Judge Torres’ ruling in the Ripple lawsuit will create a huge impact practically and politically. For Instance, if the judgment goes in the favor of the SEC then Gary Gensler’s regulation by enforcement will gain credibility. However, people outside the crypto industry might not see much difference.
However, if Ripple Secures a win here then this will end the SEC Chair’s campaign here. The judge might criticize the theory that the token itself from the beginning of time is always a security, no matter who sells it.
Is Ripple in danger?
Meanwhile, Deaton draws a possibility that Judge Torres could rule that Ripple, at some point, offered unregistered security but the token itself is not. Nor they are secondary market sales independent of Ripple.
He termed this ruling as the biggest danger to Ripple as an application of the law doesn’t focus only on sales. Deaton highlighted that a sale or transfer of the underlying asset doesn’t have to occur for a company to be liable. However, if there’s an oral argument, then the SEC lawyer would be focusing a lot on the “offering”.
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