According to a Web3 legal expert, Ripple has a “three-year head start” in the SEC litigation

It is anticipated that the current legal dispute between the United States Securities and Exchange Commission (SEC) and Ripple will have a lasting impact on the future of the cryptocurrency sector.

Jesse Hynes, an attorney for Web3, tweeted on February 15 that Ripple has a major edge over other crypto businesses that may face similar legal action from the SEC, adding that the blockchain company has a ‘three-year head start.

He feels that Ripple has the ability to establish a major legal precedent for the sector and implies that the firm has built a competent legal team. According to him, other businesses facing similar claims may need to assemble legal teams from scratch.

“Everything has both good and bad aspects. Consider the current SEC attack on cryptocurrency. Negative: everything. Ripple has a three-year head start on the competition in terms of resolution. Even XRP critics will begin to hope and pray for Ripple’s success. Several of these actions will be determined by the Ripple defence. Ripple is the only firm in this industry that I would like to be the first to establish precedent,” he stated.

Notably, the SEC has filed a lawsuit against Ripple for selling unregistered securities in the form of XRP tokens. Both sides are reportedly awaiting the March summary judgement.

In fact, legal experts, headed by XRP investors John Deaton, have deemed the SEC’s securities classification to be deceptive.

Most cryptocurrencies are deemed securities by Gary Gensler and the SEC, who maintain a singular emphasis on the token. According to Deaton, the issue is that “clever prominent individuals” outside of Gensler are spreading the myth that tokens are securities.

Hynes’s comments are notable because they come at a time when the crypto business is receiving heightened scrutiny from authorities throughout the globe, with the SEC taking the lead. For instance, the SEC has reached a settlement with Kraken over staking. In accordance with the agreement, Kraken is unable to provide staking services in the United States.

Also Read: Ripple (XRP) Is Now Available On A Japanese Cryptocurrency Lending Platform