Lawyer and big defender of XRP, John Deaton is convinced that the outcome of the Ripple lawsuit against the United States Securities and Exchange Commission (SEC) will have an impact on the cryptocurrency markets. According to him, any decision favorable to Ripple will cause the price of XRP to rise. He also predicts that other cryptocurrencies including Bitcoin, Litecoin and the rest will follow. Recall that XRP is the native currency of Ripple’s XRP Ledger (XRPL).
The impact of the outcome of the Ripple – SEC lawsuit on the cryptocurrency market
Deaton spoke out on the matter on July 1 in his response to a Twitter comment. Like many before him, he emphasized the importance of the case and its impact on the markets broader cryptocurrency.
According to Deaton, if the presiding judge decides to support the SEC, the anti-crypto movement currently seen among politicians will increase. This will first cause an overall drop in prices. Then, the growth of the crypto industry in the United States could be hindered. He notes how any unfavorable decision will be bad for other partsincluding Bitcoin, which the SEC has clarified is a commodity.
” Judge Torres’ decision potentially gets bigger with each passing day. If that’s bad for XRP (notice I said XRP not Ripple), then status quo with more political momentum for the anti-crypto campaign of Gensler, Warren and Brad Sherman. But if it’s great for XRP, then it’s good news for other tokens.. said the lawyer.
Will the United States lose world leadership in the development of cryptocurrencies?
The SEC seems to be chasing cryptocurrencies in recent months. The list of lawsuits against companies in the sector grows every month. Binance and Coinbase are the two giants that have recently been in the sights of the stock market policeman in the United States. The SEC accuses the two exchanges to facilitate the trading of non-registered securities, citing a few coins, including Cardano, Solana, and Algorand. Meanwhile, crypto industry players are increasingly calling for clear regulation.
Many crypto businesses have moved to settle elsewhere where the environment is friendlier.
For several crypto advocates in the United States, the time for negotiation is over. They think we should now respond to the actions of the regulator at the risk of being exchanged only a few tokens including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. But wouldn’t it just be better for companies to leave the country?
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