It is no longer news that Ripple got acquitted of most of the charges levied against it by the United States Securities and Exchange Commission (SEC) after Judge Torres’s verdict, which implied that the sales of XRP on crypto exchanges and retail investors do not constitute security sales.
Meanwhile, while the crypto community appears to be basking in the euphoria that seemed to come with Judge Torres’s summary judgment, legal expert John E. Deaton decided to look into the opposite potential aftermath of the legal procedures, noting what could have played out if the SEC happened to be victorious in the court of law.
Attorney John Deaton Shares His View
Per Deaton, a possible court victory for SEC would have culminated in intense opposition to every crypto-related venture.
Speaking further, the top legal expert noted that SEC’s chairman, Gary Gensler, and senior Democrat senator Elizabeth Warren, notorious for her unyielding stance on crypto-related matters, would have been at the forefront of the attack against the crypto community.
According to Deaton, most people, especially the Democrats that appear to be speaking in support of crypto projects, would never have done so if Judge Torres had ruled in favor of the SEC, noting that his choice of terming the XRP case as “the most significant non-fraud SEC enforcement action in modern history” was not an exaggeration.
If the SEC had won the case as it had hoped, @GaryGensler and @ewarren’s anti-crypto army would’ve been out in full force. Do you think all Democrats who’ve spoken out since the Torres Decision, including the 6 who voted in favor of the Bill coming out of the @FinancialCmte,…
— John E Deaton (@JohnEDeaton1) July 31, 2023
XRP in the Market Following Summary Judgment
Following Judge Torres’s summary judgment, XRP spiked to about $0.93 and was on the verge of possibly attaining a new all-time high (ATH) before it started declining.
At press time, XRP’s price, according to CoinGecko, is $0.703221, with a market cap valued at $37,060,272,128 and a market dominance of 3.011%.
Despite the observable decline in market XRP’s indices, some crypto experts share strong bullish sentiments that could see the token attain a new ATH.
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