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XRP Lawsuit News: As the crypto community awaits clear regulations around the digital asset market, lawyer involved in the US SEC Vs Ripple lawsuit has flagged off some warnings. However, the US watchdog has been called out for enforcing crypto rules without providing clear instructions.
XRP lawsuit to provide more clarity?
John Deaton, Amicus curiae in the XRP lawsuit claimed that the US is being left behind in the race towards crypto regulations. While he believes that a sensible crypto regulation won’t be made into law anytime soon.
Drawing out the timeline, he stated that the earliest chance of getting some clarity will be by the first or second quarter of 2025. However, it will still be over-optimistic to get law by this time. Meanwhile, It is expected that the digital asset industry will still continue to receive guidance, that too through judicial results from the SEC.
Federal District Courts are yet to give out decisions over the LBRY lawsuit, Dragonchain lawsuit and most important Ripple lawsuit. The US SEC is depending on the outcome of these lawsuits to provide guidance to the market.
However, Deaton called out the crypto community in order to fight against SEC’s enforcement only policy. As expected the XRP lawsuit is going to play a major part in this process.
LBRY lawsuit giving SEC more power?
XRP holder’s lawyer, John Deaton is also a part of the SEC Vs LBRY lawsuit. While the summary judgment of the case is already out and SEC gained a very convincing victory from the judge. The commission conceded on the record that many of the LBC token hodlers were not seeing LBC as an investment. While they used the LBC token for consumptive use.
However, the SEC has refused to provide clarity over the secondary transactions of LBC tokens after the favorable outcome.
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