A lawyer for Ripple says the case’s ruling will have a significant effect on Bitcoin and other crypto
The judge’s decision in the lawsuit between Ripple may affect the cryptocurrency markets.
John Deaton, an attorney and one of the most outspoken supporters of XRP, thinks that the value of XRP and all other cryptocurrencies will increase in response to a judgement in favour of Ripple.
The XRP Ledger (XRPL) uses XRP as its native currency; however, the regulator has called it unregistered security. In their ICO, Ripple raised billions of dollars using it.
On July 1, in response to a tweet, Deaton stressed the importance of the case and its implications for the cryptocurrency markets.
The attorney believes that the momentum against cryptocurrencies, backed by politicians, will only continue if the presiding judge finds in favour of the SEC, which might slow the expansion of the business in the US. He explains why Bitcoin and other cryptocurrencies would suffer if the SEC’s definition of Bitcoin as a commodity holds.
The longer we wait, the more weight Judge Torres’ judgement may carry. Keeping things as they are might give Gensler, Warren, and Brad Sherman’s anti-crypto campaign more significant political influence if it’s terrible for XRP. However, this is excellent news for other coins if it works well for XRP.
They filed an action against the two exchanges, claiming they allowed trade in unregistered securities such as Cardano, Solana, and Algorand. The community anticipates a lengthy court action that may ultimately deliver regulatory clarification, given both Binance and Coinbase are respondents to the regulator.
Some American crypto enthusiasts worry that trading only Bitcoin, Ethereum, Litecoin, and Bitcoin Cash will be possible if the community doesn’t push back against the regulator’s activities. These currencies share that they are among the first implementations of their respective protocols. All these networks are based on proof-of-work except Ethereum, which recently switched to a proof-of-stake consensus mechanism.
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