Ripple Coin Lawyer Makes Major Victory in their Case Against SEC
The long-awaited judgment by Ripple against the United States Security and Exchange Commission has finally ended, with the Ripple taking home the victory. The company (Ripple) went to court to challenge what they believe is SEC’s deceptive regulation. Barr. John Deaton, the council representing Ripple, has been representing the company from day one up until yesterday when the case had gone in their favor.
On this day, the 31st of January, 2023, the Security and Exchange Commission had gone to court to seek approval through the New Hampshire court judge to issue a clear injunction against the LBRY token: a token from Ripples that is expected to go on sale anytime soon. According to the government lawyer, this token, when released, will be a major market threat to SEC. This situation will negatively affect the secondary market in the SEC market base.
Impact of SEC Regulations on Cryptocurrency Market
Market analysts, when contacted, said that should things go bad, XRP won’t be the only cryptocurrency that will be affected; all except BTC will feel the effect too. They further explained why the BTC had been exempted from the bad impact ’cos it has been tagged a non-security by the Security Exchange Commission. In a video from Deaton, the reporter was heard recounting how the Security and Exchange Commission took advantage of their state power to enforce.
Recall that November 2022 granted concise judgment in favor of the SEC. It also tagged all the LBC tokens sold in the past six months as an investment contract but didn’t really go into details on the nature of the transactions. Industry analysts believe this event drew the SEC closer to getting complete regulatory autonomy of the entire secondary market.
So, by yesterday’s judgment, the judge claimed that maybe SEC misunderstood that ruling. The judge advised SEC, saying it needs to be more committed to its operations. The judge was also reported to have sighted an example using a situation where LBRY had directly sold its LBC token to an investment firm that decided to hold these assets in cold storage.
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