Pro-XRP lawyer warns of more regulatory aggressiveness against crypto industry if SEC wins Ripple lawsuit

[ad_1]

XRP lawyer and proponent John Deaton warns of a tougher regulatory environment for the crypto industry if the U.S. Securities and Exchange Commission (SEC) emerges victorious in its lawsuit against Ripple.

Deaton says in a new interview with Real Vision Crypto that if the court rules that Ripple is selling XRP as an unregistered security, it will lead to more aggressiveness from the SEC over the next two years.

“If she [Presiding Judge Analisa Torres] agrees with the SEC, so I think we’re going to see a host of other enforcement actions

Think about it, XRP was the third largest crypto asset by market capitalization when the lawsuit was filed. It was traded in the United States for seven and a half years, the US Government Accountability Office in 2014 called it a virtual currency in a decentralized payment system

The point I’m getting at is if XRP was considered a security by the judge if she’s ok with that and has that kind of history – third highest, traded for years and years , it involves so many other tokens.

What message does it send to Algorand and Stellar Lumens and Cardano or whatever? Take the top ten market caps, that would imply all of those tokens. And so I think we would see even more aggressiveness for a few years.

According to Deaton, while a loss for Ripple could embolden the SEC and its chairman Gary Gensler to be more aggressive against the crypto industry, a win for the payments company would have the opposite effect.

“If the decision is bad for Ripple and XRP and crypto in general, it’s going to get bigger for Gary Gensler and the SEC.

If the judge stops them in their tracks and says it’s overkill, it’s government intrusion and sort of smacks them, then I think we might see Gensler lose a lot of his political momentum.

I

Don’t miss a beat Subscribe to receive crypto email alerts straight to your inbox Check price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Generated Image: Midjourney

[ad_2]