Analysts believe XRP and Ethereum are on the same side in SEC v. Ripple case
- XRP Army proponents argue that Ripple's win on fair notice guarantees Ethereum a victory on the same.
- XRP and Ethereum holders are on the same side of the argument, expecting Ripple Labs to win the case.
- Ripple's lawyers filed a Freedom of Information Act request over unfair treatment by the SEC, pulling Ethereum in an ongoing legal tussle.
Contrary to common belief, XRP and Ethereum holders are not on opposite sides in the SEC v. Ripple case. XRP army proponents consider that Ripple's win is likely to impact the overall cryptocurrency market positively.
Ethereum holders to benefit from XRP's win on fair notice
An XRP Army proponent John Deaton recently argued that XRP and Ethereum holders are on the same side of the legal battle between the Securities & Exchange Commission (SEC) and Ripple.
Deaton argues that if Ripple wins the case on fair notice defense, it guarantees a victory for Ethereum holders. Ripple lawyer's defense is built on the premise that the payments giant did not have reasonable, fair notice from the SEC about whether the sales of XRP are considered illegal sales of securities.
The firm's requests for admission (relating to the fair notice) may not be answered if the Judge grants SEC's motion to strike the fair notice defense.
Deaton shared his thoughts on how Ripple and Ethereum holders are fighting the same battle.
Who is the enemy?
— John E Deaton (@JohnEDeaton1) November 15, 2021
Some have accused me of making the @Ripple case about #XRP #ETH. It’s b/c I wrote the Facts Timeline and the #Ether Free Pass Memo.
But the fight is against the SEC. Whether we like it or not, ironically, XRP and ETH are on the same side in the SEC case.
Judge Sarah Netburn has ordered the SEC to turn over documents related to the analysis of Ethereum. If Ripple's team of lawyers can prove with a reasonable belief that XRP is not a security and show that XRP Ledger and the ecosystem is more decentralized than Ethereum, the giant is likely to win.
When Ripple's lawyers filed a Freedom of Information Act request over unfair treatment of XRP by the SEC, Ethereum was roped in the legal tussle between the payments giant and the regulator.
Deaton believes that XRP and Ethereum holders are fighting the same battle, and Ripple's win is likely to fuel a bullish narrative for the two altcoins among traders.
It’s makes one sad and angry to know that had her fair and sensible proposal been adopted, we wouldn’t be in the regulatory mess that we’re in.
— John E Deaton (@JohnEDeaton1) November 15, 2021
I know it may be hard for some #XRPHolders to be on the same side as #ETHHolders.
But sometimes, the enemy of my enemy is my friend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
