Legal expert reveals why XRP is the most important altcoin in the crypto space ⋆ ZyCrypto

Ripple Vs. The SEC case has been going on for almost two years now. Following the lawsuit against Ripple Labs by the SEC, the two entities have had one of the longest legal battles in the crypto area so far. As we approach the end, John E. Deaton, founder of the American law firm Deaton Law Firm, has revealed how important the final ruling is for crypto in general.

Deaton notes that if the final ruling goes against XRP, it could mean doom for other altcoins

In a response to a tweet from American founder and well-known Bitcoiner, Jason A. Williams, Deaton pointed out that the SEC’s case against XRP makes XRP by far the most significant altcoin in the crypto area at the moment. Jason’s tweet reads: “Why is XRP important?” It is important to note that Deaton is also involved in the XRP case.

The SEC argues that XRP (Ripple’s original coin) is classified as a security, and claims that Ripple Labs and two executives from the company profited from the sale of the token without meeting the necessary requirements, and took the necessary steps to register it as a security. . .

Deaton noted that if the final ruling in the case goes against Ripple Labs, it will mean doom for all other altcoins, as they can also be classified as “unregistered securities” by the SEC and any subsequent decision of a US court, seen as the judgments. made of some cases are influenced by previous decisions on similar issues.

Deaton says this is a nightmare most altcoins are likely to face if Congress does not provide regulatory clarity on crypto that explains the position of the asset class in the general financial market.

The SEC recently asked to limit expert testimony from Ripple

In December 2020, the Securities and Exchange Commission filed a lawsuit against Ripple Labs and two of its executives. Often, when the SEC sues cryptocurrencies, companies give in to regulatory requirements and pay the fines imposed. Ripple Labs has chosen to try it out instead.

The trial has been going on for almost two years now with new evidence and clearer arguments on a regular basis from both parties involved. The lawsuit has had some negative effects on XRP: Large crypto exchanges removed the coin due to the lawsuit.

Recently, the SEC has asked to delete the testimony of up to ten personalities presented by Ripple Labs – a move the crypto community believes is aimed at pressuring the defense team. Despite the battle, XRP has maintained its position as a ‘top-10’ crypto by market rating. It is currently trading at $ 0.34 and has increased by 7% in the last 7 days.