United

Gary

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/crypto-community-may-face-storm-if-sec-triumphs-in-xrp-lawsuit-expert-suggests/">Crypto Community May Face Storm if SEC Triumphs in XRP Lawsuit, Expert Suggests</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a crucial legal battle, Ripple’s victory against the United States Securities and Exchange Commission (SEC) has been hailed as a significant triumph not only for the cryptocurrency firm but for the broader crypto community. The court’s ruling that XRP sales on crypto exchanges did not constitute securities sales has potentially deflected a much graver scenario, had the SEC emerged victorious.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">If the SEC had won the case as it had hoped, <a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@GaryGensler</a> and <a href="https://twitter.com/ewarren?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ewarren</a>’s anti-crypto army would’ve been out in full force. Do you think all Democrats who’ve spoken out since the Torres Decision, including the 6 who voted in favor of the Bill coming out of the <a href="https://twitter.com/FinancialCmte?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@FinancialCmte</a>,…</p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1685875414193807360?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 31, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<h2 id="an-averted-onslaught-by-the-anti-crypto-army" data-name="an-averted-onslaught-by-the-anti-crypto-army" class="wp-block-heading"><strong>An Averted Onslaught by the ‘Anti-Crypto Army’</strong></h2> 
<p>John E. Deaton, a legal expert, speculated on the implications if the SEC had won the case. He foresaw the unleashing of an “anti-crypto army,” led by SEC Chief Gary Gensler and Democrat Senator Elizabeth Warren, known for her stringent stance on crypto issues. He speculated that these stringent regulatory forces would have been “out in full force,” marking a starkly different outcome for the crypto industry.</p> 
<h2 id="the-ripple-effect-of-secs-defeat" data-name="the-ripple-effect-of-secs-defeat" class="wp-block-heading"><strong>The Ripple Effect of SEC’s Defeat</strong></h2> 
<p>Deaton further argued that had Judge Analisa Torres ruled XRP as a security, Democrats favoring crypto would likely have remained silent. Reiterating his previous statement, Deaton asserted that referring to the Ripple XRP case as the “most significant non-fraud SEC enforcement action in modern history” was not an exaggeration.</p> 
<p>According to Deaton, Torres’ ruling was not just a victory for crypto holders and developers in the US; it also delivered a significant setback to the SEC’s ambition to control an entire asset class. The legal expert insists this decision signifies that the finance watchdog must reconsider its approach towards crypto regulation.</p> 
<h2 id="xrp-market-reactions-and-the-ripple-win-hype" data-name="xrp-market-reactions-and-the-ripple-win-hype" class="wp-block-heading"><strong>XRP Market Reactions and the Ripple Win Hype</strong></h2> 
<p>Following the legal win, XRP, the digital asset at the heart of this case experienced some fluctuations in value. At the time of reporting, XRP was trading at $0.70, down 1.21% in the past 24 hours and 2.02% over the last week. The initial hype around Ripple’s victory appears to be cooling down. However, it’s worth noting that XRP is still trading nearly 50% higher than it was a month ago, indicating continued optimism in the market despite the recent decline.</p>

Crypto Community May Face Storm if SEC Triumphs in XRP Lawsuit, Expert Suggests

Table of Contents

CoinPedia News

Other articles published on Jul 31, 2023

Binance Becomes First to Receive Operational MVP License in Dubai

Arkham Bounty Discovers $160 Million In Alleged Terra Wallets

SEC Wanted Coinbase to Delist Shiba Inu (SHIB), Cardano (ADA), and Other Altcoins

SEC asked Coinbase to cease all crypto trading except Bitcoin, CEO says

XRP Shows Unseen Price Dynamic: What's Happening?

Arweave Price Prediction: Will AR Look For a Rebound Now?

Join our free newsletter for daily crypto updates!