Pro-XRP Lawyer Warns of More Regulatory “Aggressiveness” Against Crypto Industry If SEC Wins in Ripple Lawsuit
Lawyer and XRP supporter John Deaton warns of a tougher regulatory environment for the crypto industry if the US Securities and Exchange Commission (SEC) wins the lawsuit against Ripple.
Deaton says in a new Real Vision Crypto interview that in the event the court rules that Ripple sold XRP as an unregistered security, it will result in “more aggressiveness” from the SEC over the next couple of years.
“About her [Presiding Judge Analisa Torres] agree with the SEC, I think we’re going to see a lot more enforcement…
Consider that, XRP was the third largest crypto asset by market capitalization when the lawsuit was filed. It was traded in the US for seven and a half years, the US Government Accountability Office in 2014 called it a virtual currency in a decentralized payment system…
The point I’m getting to is if XRP was considered a security by the judge if she agrees with that and it has that kind of history – the third largest, traded for years, it implicates so many other tokens.
What message does it send to Algorand and Stellar Lumens and Cardano or whatever? Take the top ten market caps, that would imply all these tokens. So I think we will see even more aggressiveness for a couple of years.”
According to Deaton, while a loss for Ripple could encourage the SEC and its chairman Gary Gensler to be more aggressive against the crypto industry, a win for the payments firm would have the opposite effect.
“If the decision is bad for Ripple and XRP and crypto in general, it’s going to gain more momentum for Gary Gensler and the SEC.
If the judge stops them and says this is excessive, this is government intrusion and kind of shuts them down, then I think we’re going to see maybe Gensler lose a lot of his political momentum.”
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