Ripple vs. SEC Lawsuit May Reach Supreme Court
• 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.
• The Ripple case is being closely watched by the crypto community, with many eagerly awaiting the summary judgment expected by the end of March.
• The Ripple case could have significant implications for the wider crypto industry, particularly in the United States.
The Ripple case against the U.S Securities and Exchange Commission (SEC) may reach the U.S Supreme Court before Congress creates a regulatory framework for cryptocurrencies, according to famous crypto Attorney John E. Deaton. Speculation has been mounting over what will be decided in this case as it could have major implications on cryptocurrency regulation in America.
The ruling excluded SEC’s top expert witness Patrick Doody who was tasked with analyzing XRP buyer expectations but allowed Ripple’s experts to remain on record about differences between Ripple contracts and those in Howey Tax treatment of XRP and its accounting treatment as well as currency experts on XRP to remain on record.
If it is ultimately determined that XRP is not a security then it could create a precedent where other cryptocurrencies would be able to avoid similar scrutiny from regulators across America. If however,the court upholds their position then it could mean that all digital assets are classified as securities and therefore subject to regulations imposed by American regulators like SEC or Commodity Futures Trading Commission (CFTC).
The Ripple case is important because it will set an example of how future digital asset regulation will play out across America and potentially worldwide if other countries use this ruling as a basis for their own regulations around cryptocurrencies and digital assets more broadly. It remains to be seen whether or not this particular case will reach all the way up to Supreme Court but regardless of outcome it looks likely that we will soon see more clarity about how digital assets are regulated within US jurisdiction at least