Last Updated on September 23, 2022 by Bitfinsider
The US SEC recently submitted its request for summary judgment in the XRP lawsuit in response to growing calls for regulatory clarification around digital assets. The Ripple community now has higher expectations for the impending settlement of the XRP issue.
It is anticipated that the XRP lawsuit’s verdict would eventually make sense of digital assets as well. The attorney for the case’s XRP holders, John Deaton, however, disagrees.
People are mistakingnly believing that if Ripple prevails in the summary judgment brief, it will benefit and apply to other cryptocurrencies in the future, according to Deaton. In the XRP lawsuit, he anticipates that the SEC would disregard the court’s decision. But the commission will keep up its fight against cryptocurrency.
The SEC chairman Gary Gensler would file an appeal in opposition to the judge’s decision, he noted. It will contend that the judge erred. While they anticipate winning the appeal. The decision, however, will only be applicable to XRP and not to other digital assets.
However, if the court deemed XRP and Bitcoin (BTC) to be non-security. It will then become the sole cryptocurrency token with unambiguous regulations.
Will Bitcoin ever be targeted by SEC?
According to Gensler, the historical merging of Ethereum to PoS may have triggered the securities laws and that Ethereum transactions are susceptible to US jurisdiction. Jay Clayton unwittingly gave Ripple and XRP the gift of clarity, according to Deaton.
The SEC’s official position on Bitcoin, according to Amicus Curiae in the XRP lawsuit, is that they haven’t made a decision about it. It was made clear that he does not imply that the commission will pursue BTC, nevertheless. It is difficult to imagine that the SEC has no control over the biggest crypto asset in the world.
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