The SEC’s recent defeat in the lawsuit against HEX founder Richard Heart has renewed optimism for Ripple’s legal battle. XRP attorney John Deaton is now pushing for a swift resolution, urging3 key SEC officials to drop the case.
John Deaton Pressures SEC for Ripple Case Dismissal
John Deaton, representing 75,000 XRP holders, has taken to social media to call on SEC officials, including Hester Peirce and Mark Udeya, to reconsider their stance. He argues that the SEC’s legal actions have harmed investors rather than protecting them.
The dismissal of the HEX lawsuit has strengthened Deaton’s position, as he believes it sets a precedent that could influence the outcome of the Ripple case. If the SEC continues to face setbacks in crypto lawsuits, it may be forced to reassess its regulatory approach.
Ripple vs. SEC: Where the Case Stands
The legal dispute between Ripple Labs and the SEC began in December 2020, when the agency accused Ripple of selling XRP as an unregistered security, raising $1.3 billion. The SEC’s position is that XRP should be regulated similarly to traditional securities.
In July 2023, a judge ruled that XRP is not a security when traded on public exchanges but may qualify as one in direct sales to institutional investors. The case remains unresolved, with a final decision expected in 2024. The outcome is highly anticipated, as it could set a precedent for crypto regulations in the U.S.
Market Reactions and Future Implications
The SEC’s recent legal losses have fueled speculation about a possible win for Ripple. After the HEX ruling, tokens like HEX, PulseChain (PLS), and PulseX (PLSX) saw price surges, reflecting increased investor confidence.
If the SEC reaches a settlement or loses the case against Ripple, XRP could experience a similar market boost. A favorable ruling could also impact broader crypto regulations, potentially easing legal uncertainties for other digital assets.
A Pivotal Moment for Crypto
The SEC1 has recently withdrawn multiple lawsuits against major crypto firms, including Coinbase and Uniswap. If Ripple secures a victory, it could mark a turning point for the industry by setting clearer legal standards and reducing regulatory risks.
The crypto community is closely watching the developments, as the Ripple lawsuit outcome could shape the future of digital asset regulation in the U.S.
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