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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
The Securities and Exchange Commission (SEC) and Ripple’s legal fight has gone through numerous stages. The cryptocurrency community is speculating about the case’s result as it approaches its conclusion. The case has been ongoing for more than two years, and the conflict feels never-ending.
According to the latest development, John Deaton, an amicus curiae in the SEC v. XRP lawsuit, claimed that the hearing in the LBRY case will be crucial for the cryptocurrency market and XRP. It is anticipated that the SEC will use the judge’s ruling and apply it to every transaction involving LBRY Credits (LBC). This will include secondary market transactions where a user tips a content provider with LBC tokens, the attorney emphasized.
The hearing is very important to Crypto b/c the SEC wants to use the Judge’s decision to apply to all #LBC transactions. This includes transactions in the secondary market when a user tips a content provider w/ #LBC. The SEC will then turn around and use it against all tokens. https://t.co/JOKyVKWzua
The decision of the LBRY case also made the blockchain community aware of what they would be able to anticipate in a situation similar to this. The outcome of this case is significant because the SEC can use it as a major argument in favor of winning the Ripple lawsuit.
If the Howey Test is strictly implemented in the manner in which the Supreme Court adopted it in 1946, Deaton explained, then, the majority of cryptos won’t pass the Howey test, he added. Lawyers said there was a conflict of interest in the SEC’s conclusion that Ethereum is not a security. Legal experts have also predicted that Ripple will likely prevail in the dispute over the SEC. Currently, Coinbase is one of 16 firms supporting Ripple in its fight with the SEC.
Recently, Ripple CEO Brad Garlinghouse criticized the SEC’s lawsuit, calling the organization’s actions so far “embarrassing,” while also expressing optimism that a decision on the lawsuit would come soon – maybe in the first half of this year.
After obtaining the highly sought-after records of former SEC employee William Hinman, Ripple CEO claimed that individuals who follow the case will be shocked by the SEC’s “shamefulness.”
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