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Deaton gives more reasons for the broader crypto community to care about XRP.
Attorney John E. Deaton has shared the pessimism of the Blockchain Association’s Ron Hammond, asserting that the ruling in the US Securities and Exchange Commission’s case against Ripple will be the only clarity crypto gets till Congress is overhauled in the next poll.
The lawyer said this as he gave more reasons for people to care about XRP, which is at the center of the 2-year-long legal battle. According to Deaton, a ruling against Ripple declaring XRP a security will give the SEC considerable leverage to go after other altcoins.
“If you’re not a Bitcoin Maxi and own ETH or any other altcoin, you should care about XRP b/c what Judge Torres decides about XRP is likely the only clarity we get for the next 2 years,” Deaton wrote. “If she decides XRP is a security it will embolden the SEC to come after the other tokens.”
If you’re not a #Bitcoin Maxi and own #ETH or any other altcoin, you should care about #XRP b/c what Judge Torres decides about #XRP is likely the only clarity we get for the next 2 years. If she decides #XRP is a security it will embolden the SEC to come after the other tokens. https://t.co/VgB6OXyk7h
— John E Deaton (@JohnEDeaton1) January 6, 2023
Deaton says this while quoting a thread from Hammond, who serves as the director of government relations at the Blockchain Association. As highlighted in a recent report, Hammond asserts that the current perception of crypto in Congress is “bad.” The collapse of several crypto firms, particularly that of Sam Bankman-Fried’s FTX, and the revelations of his fraud have eroded trust.
Consequently, Hammond says some lawmakers have taken the view that they do not want to legitimize the emerging industry and believe that creating a regulatory framework will only do that.
While Deaton expressed that Bitcoin has a safer standing, it is not clear that this will always be the case. Notably, Gary Gensler, the current SEC chair, has asserted on several occasions that Bitcoin is the only digital asset he believes is not a security. However, recent reports have indicated that not all at the SEC may share this view.
The latest sentiments from the attorney again touch on the idea that the case against Ripple is not just an attack against XRP but on the entire industry.
It bears mentioning that the Ripple case is at its tail end. The XRP community expects a ruling in the case within the first quarter of this year, barring an out-of-court settlement, per predictions from Attorney James K. Filan.
Notably, the broader crypto community is beginning to recognize the case’s importance, with many pundits hoping for an outright Ripple win.