With Ripple and the cryptocurrency community scoring a major win in the legal fight against the United States Securities and Exchange Commission (SEC), as the judge ruled that the sales of XRP on crypto exchanges did not constitute securities sales, things could have turned out quite differently if the regulator had won.
Indeed, legal expert John E. Deaton voiced his opinion that the “anti-crypto army,” led by the SEC chief Gary Gensler and senior Democrat senator Elizabeth Warren, infamous in the industry for her tough stance on all things crypto, would have been “out in full force” in that case, as he explained in a post on July 31.
Significance of SEC loss
According to the lawyer, the Democrats who have spoken out in crypto’s favor since the decision by Judge Analisa Torres would not have spoken out if she had ruled that XRP was a security. As he added, his referring to the Ripple XRP case as “the most significant non-fraud SEC enforcement action in modern history” was not hyperbole.
As Deaton said earlier, the decision was both “a total victory” for cryptocurrency holders and developers in the US and “a devastating blow to the SEC’s ambition to bring an entire asset class under its thumb,” proving that the finance watchdog needed to modify its approach, as Finbold reported on July 18.
Meanwhile, XRP – the token at the center of this ordeal – was at press time changing hands at the price of $0.70, recording a decline of 1.21% in the last 24 hours and dropping 2.02% across the previous seven days as the hype surrounding the Ripple win starts to fade. However, XRP is still trading nearly 50% higher than one month ago.
