Ripple’s Case Could Set The Precedent For The Future Of Altcoins, Says Atty. John Deaton
In the Ripple v. SEC case, several fresh documents have been filed. Judge Torres has received many briefs since the deadline for all non-parties to submit their applications to seal was January 4. Filings for a motion to seal information of the party and the privacy interests of employees, documents containing research and investment analysis and investor identifying information, and such other motions have been filed.
There have been new updates on this lawsuit.
Congress’ opinion of the crypto business is “bad”
Recently Ripple chief executive officer Brad Garlinghouse shared a thread on Twitter about why he thinks 2023 will be the year there will be some regulatory clarity on crypto in the USA.
Notably, Ron Hammond, director of government relations at the Blockchain Association, said in a different thread that Congress’ current opinion of the crypto business is “bad.” He claims that the business has regressed as a result of the failure of multiple crypto companies over the past year, particularly in light of the exposure of Sam Bankman-Fried’s fraud.
According to Hammond, skeptical members of Congress who associate FTX with the rest of the crypto world now fear that creating laws will only assist to legitimize the crypto sector, which they do not want. He also mentions that political pressure from the FTX failure may drive Congress to act. If they did, the bills would be a mix of new and old. Despite the current setback, Hammond remains optimistic.
XRP is likely the only clarity we get for the next 2 years: John Deaton
John Deaton presents a wider case for why XRP is still significant and should be taken seriously. According to him, the decision of the Ripple-SEC action may be the only clarity the crypto market receives for the next two years.
If Ripple loses its SEC case and XRP is deemed a security, the SEC may feel empowered to regulate through an enforcement drive.
The XRP community is hoping that Judge Torres rules in Ripple’s favour. Former U.S. prosecutor James K. Filan predicts that District Judge Torres will issue a ruling before March 31, 2023.