• The Ripple Vs SEC lawsuit may reach the US Supreme Court before Congress takes action on crypto regulations.
• Speculation is mounting over the outcome of the case, with signs that Judge Analisa Torres has already determined whether XRP is a security.
• The ruling could have significant implications for the wider crypto industry, depending on whether or not XRP is deemed a security.
Ripple Vs SEC Lawsuit
The Ripple case, which has been in the district court for some time, may reach the U.S. Supreme Court before Congress creates a regulatory framework for the crypto industry, according to famous crypto Attorney John E. Deaton. While it first needs to go to circuit court of appeal before it can be taken to the Supreme Court, speculation is mounting over its outcome and potential implications for the wider crypto industry.
XRP Security Status
The United States Securities and Exchange Commission (SEC) has indicated that it has no plans to slow down its accelerated crypto enforcement efforts regarding whether XRP is a security or not. Presiding judge Analisa Torres may have already determined this based on her recent rulings which cited securities law case Marine Bank v. Weaver multiple times while discussing expectations of XRP holders who purchased the cryptocurrency.
The ruling excluded one of SEC’s top expert witness Patrick Doody who was analyzing expectations of XRP buyers, but allowed Ripple’s experts on differences between contracts in Howey case and tax treatment/accounting of XRP as well as currency experts on XRP remain on record.
If courts determine that XRP is not a security then other cryptocurrencies might avoid being subjected to same level of scrutiny from regulators like SEC; if upheld then this could pave way for stricter regulations in US cryptospace overall potentially affecting how new coins are released and traded etc..
The Ripple case could have far-reaching implications with regards to regulation in US cryptospace – depending upon what decision Judge Analisa Torres makes when summary judgement comes out at end of March 2021 – so it should be closely watched by those involved in crypto industry regardless what side they’re taking in debate about status of XRP as security or not .