John Deaton, the inventor of CryptoLaw and a blockchain enthusiast, provides a stronger argument for why XRP should continue to be valued.
According to him, regardless of the result of the litigation between Ripple and the SEC, this may be the only clarification the cryptocurrency market receives for the next two years.
If Ripple loses its action against the SEC and XRP is determined to be a security, the SEC may be empowered to conduct a regulatory enforcement campaign.
“What Judge Torres determines with XRP is likely to be the only certainty we receive for the next two years, therefore it’s important that you pay attention to this case. If she determines that XRP is a security, the SEC will be emboldened to go after other coins” Deaton said.
Deaton argues that XRP is already the first regulated cryptocurrency in the United States, based on the 2015 FinCEN/DOJ deal, but the Ripple-SEC action would provide clarity to the cryptocurrency sector as a whole.
The creator of CryptoLaw was responding to a tweet by Blockchain Association’s Ron Hammond, who warned that the crypto sector remained in Congress’ sights after the FTX debacle.
Now that the requests for summary judgement and exclusion of expert testimony have been completely disclosed, John Deaton believes that a court judgement is more probable than a settlement.
Deaton responded to a user who inquired whether the judge might make a decision before March, “I would wager that it will not occur before March. Perhaps before the end of March. In the past, the Judge’s summary judgement rulings required between three and six months to produce a written judgement.”
On December 2, both the SEC and Ripple submitted redacted responses to each other’s objections to summary judgement motions. According to Ripple’s general counsel Stuart Alderoty, this was the last request for the court to “grant” judgement in its favour.
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