XRP holders’ attorney John Deaton recently argued that the legal outcome of Ripple’s lawsuit, currently pending before Judge Torres, has the potential to be highly significant for the broader cryptocurrency industry.
Deaton’s comments were prompted by Scott Melker, alias “Wolf of all streets” on Twitter, observing that the just-launched EDX arena trading BTC, ETH, LTC, and BCH bore a striking similarity to the set of tokens dubbed “securities” in SEC lawsuits against Coinbase and Binance.
In his response, Deaton highlighted two possible ramifications of the looming ruling in the Ripple lawsuit, noting that an unfavourable ruling would reinforce fears of an impending onslaught by SEC Chair Knox Gensler’s regulatory machine, while a pro-XRP verdict could invigorate the yields of other coins.
And in a subsequent post, he mentioned the success of petitioners attracting over two-thousand token-holder signups for arbitration in an attempt to counter those lawsuits, asserting that the efforts have been primarily about blunting the SEC’s apparent intent of protecting customers rather than directly bailing out the corporations involved.
