Why XRP is the most important altcoin in the crypto space, according to a legal expert ZyCrypto
There has been a delay in the Ripple v. SEC case for approximately two years. The two parties are engaged in one of the longest legal battles in the crypto field to date following the SEC’s lawsuit against Ripple Labs. John E. Deaton, the founder of the US law company Deaton Law Firm, showed how crucial the outcome is for crypto in general as we drew closer to the conclusion.
In a response to a tweet from American entrepreneur and well-known Bitcoiner, Jason A. Williams, Deaton pointed out that the SEC case against XRP makes XRP by far the most important altcoin in the crypto space right now. moment. Jason’s tweet reads: “Why is XRP important?” It is important to note that Deaton is also involved in the XRP affair.
Deaton notes that if the final decision goes against XRP, it could be catastrophic for other altcoins
The SEC argues that XRP (Ripple’s native coin) is classified as a security, alleging that Ripple Labs and two company executives profited from sales of the token without meeting the necessary conditions, and taking adequate steps to save as title. .
Deaton says it’s a nightmare most altcoins will likely face assuming Congress doesn’t provide regulatory clarity on crypto that spells out the asset class’ position in the broader financial market.
Deaton noted that if the final decision on the case goes against Ripple Labs, it would spell disaster for all other altcoins as they could also be classified as “unregistered securities” by the SEC and any subsequent decision by a US court, since the judgments drawn from certain cases are influenced by previous decisions on similar issues.
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- Why XRP is the most important altcoin in the crypto space, according to a legal expert ZyCrypto
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