The ongoing legal dispute between the United States Securities and Exchange Commission (SEC) and Ripple over XRP has had everyone in the crypto industry on the edge of their seats, and the recent statement by pro-crypto lawyer and legal representative for XRP holders, John Deaton, has only added to the suspense.
What John Deaton Said
According to Deaton, the possible end date for the Ripple v. SEC case is May 6, 2022. However, he emphasized that he never gave a “drop dead date” and that he would be “surprised but not shocked” if the end date was later than May 6.
The potential end date is based on a previous case by the same judge, Analisa Torres, who granted summary judgment 60 days after her Daubert decision. Torres issued her Daubert decision on March 6, 2022, and 60 days later would fall on May 6. The Ripple v. SEC case centers around the SEC’s argument that most cryptocurrencies, including XRP, are securities that should comply with strict financial regulations.
The Outcome of the Case for SEC and Ripple
The lawsuit has significant implications for both the crypto industry and the SEC. If Ripple wins, it would be a significant victory for the crypto industry, which has criticized the SEC’s approach to the sector.
On the other hand, if the SEC wins, it would be a major victory for the regulator and its Chair, Gary Gensler, who has taken a hard-line approach to crypto companies. Ripple CEO Brad Garlinghouse has publicly stated that the company will likely leave the US if it loses the case.
The Ripple case has become a flashpoint in the relationship between the SEC and the crypto industry, which has accused the regulator of overreaching in its efforts to regulate the sector. While some industry critics have praised Gensler’s tough stance, others have expressed concerns about the potential impact on innovation in the sector.
Despite the ongoing legal battle, Ripple claims that its business is thriving, with institutions increasingly interested in using its crypto-powered payment rails. Moreover, the XRP coin is displaying some pretty strong price movements in spite of it all. At press time, it was worth $0.507.