It looks like the day is too far until finally the Ripple vs SEC case gets settled down. Now with recent updates, the US Securities and Exchange Commission (SEC) has submitted a request for Summary Judgment regarding the XRP lawsuit. This move has created a sense of hope for seeing an end to this long-running dispute.
The result of this summary judgment for the XRP lawsuit is expected to lay out clear terms for overall virtual currencies as well. On the contrary, the XRP holder’s lawyer John Deaton doesn’t agree with the above-said opinion.
He asserts that the community is misinterpreting that if Ripple turns out to be a winner in the summary judgment brief it will help other digital currencies as well. This is because Deaton believes that the SEC will not agree with the court’s decision regarding the XRP lawsuit and the agency will surely continue its stand against crypto.
Ruling For XRP Is Not Applicable For Other Crypto
The XRP holder’s lawyer also adds that there are high chances for Gary Gensler, SEC chair to file a motion against the court’s decision as he expects SEC to win the judgment. Further Deaton claims that whatever the ruling result might be, it will only be applicable to XRP and not the crypto on the whole.
On the other hand, the lawyer also says that if the court’s ruling turns out to be a statement that says XRP is a nonsecurity along with Bitcoin (BTC), then XRP will be the only altcoin with clear regulations
After all this, there are speculations that the Securities and Commission (SEC) might turn its eyes toward the world’s first cryptocurrency, Bitcoin. However, Deaton states that the SEC hasn’t made its official position towards Bitcoin and he clears that he is not claiming the SEC will move toward BTC.