- Crypto lawyer John Deaton affirms the SEC’s senior officials are split on what to do regarding the outcome of the SEC vs. Ripple case.
- The crypto lawyer believes that the SEC could opt for one of two ways, and that both routes have implications for the crypto space.
- Meanwhile, XRP traded at $0.7008 after it gained 1.8% over the past day.
Pro-XRP advocate John Deaton believes the senior officials of the U.S. Securities and Exchange Commission (SEC) are split on what to do regarding the outcome of the SEC vs. Ripple case. Over the past few days, several crypto lawyers have been speculating about the SEC’s future actions and about the possibility of an appeal.
Deaton predicts that the SEC might take one of two routes. The SEC could argue “facts and circumstances” and claim that XRP’s case is unique. The regulatory body could insist that this particular situation would not be shared by other tokens. Moreover, according to the lawyer, if the SEC appealed and lost, it would be hugely persuasive in every other jurisdiction.
The lawyer continued by saying that the SEC could appeal as other judges presiding over similar cases, such as the Coinbase case, can be influenced by Judge Analisa Torres’s decision. Moreover, if they don’t appeal, it would be as though the SEC had accepted the verdict.
Several other crypto lawyers and industry leaders also expressed their views on whether the SEC would appeal. Advocate James Murphy argued that the SEC could file an interlocutory appeal in the case. On the other hand, Jack McDonald, the CEO of PolySign, stated that since the implication of this case could be bad for the SEC, they might tend to box XRP and say that the XRP ruling was very narrow and was not meant to encapsulate the broader ecosystem.
Meanwhile, at press time, CoinMarketCap indicated that XRP traded at $0.7008 after it had gained 1.8% over the past day. However, this positive daily performance could not flip XRP’s weekly performance, which is down by 11%. With a market cap of $36,933,413,894, XRP occupies the fourth position on CoinMarketCap’s list of tokens.
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