Attorney John Deaton says Judge Torres decision on SEC vs Ripple is important to crypto for this reason
- Crypto experts argue that US-based crypto traders are likely to trade only Bitcoin, Ethereum, Litecoin and Bitcoin Cash in the future.
- These four assets are being traded on the crypto exchange platform backed by Charles Schwab, Fidelity and Citadel.
- Pro XRP attorney John Deaton responded to the expert’s concern and stated the importance of Judge Torres’ ruling in the SEC vs. Ripple case.
Pro XRP attorney John Deaton has repeatedly stressed the importance of Judge Analisa Torres’ ruling in the SEC vs. Ripple case. Deaton believes that the US Securities and Exchange Commission’s (SEC) win in the lawsuit against Ripple could further support the agency’s “anti-crypto” campaign.
Deaton therefore argues that the verdict in the lawsuit against Ripple is key to crypto market participants and the entire ecosystem.
Also read: Bitcoin whales and sharks double down on BTC accumulation as the asset closes June at $30,469
SEC vs Ripple verdict is key to the US crypto market for this reason
The SEC alleged cross-border remittance firm Ripple’s executives of a $1.3 billion unregistered securities sale. The lawsuit dragged on for over two years, and the XRP holder community is awaiting a verdict from Judge Analisa Torres, the judge presiding over the SEC vs. Ripple case.
Pro XRP attorney John Deaton joined the lawsuit as an “amicus” or a friend of the court. Deaton told his 277,600 followers that the outcome of the SEC vs. Ripple lawsuit is key to the SEC’s crackdown and shifting policy on cryptocurrencies in the US.
Scott Melker, crypto expert and influencer on Twitter commented on the state of cryptocurrencies and traders in the US. Melker believes that unless something changes, US-based crypto traders are likely to end up trading four crypto assets, Bitcoin, Ethereum, Litecoin and Bitcoin Cash, on the EDX exchange.
The exchange is backed by traditional financial institutions and giants like Charles Schwab, Fidelity and Citadel, making it safe for market participants to trade on this platform.
These are the 4 assets that are being traded on EDX exchange - the platform run by Charles Schwab, Fidelity and Citadel.
— The Wolf Of All Streets (@scottmelker) July 1, 2023
Gensler has called all 4 commodities in the past.
That’s why I mentioned these 4. https://t.co/smN4YwHjAY
Melker notes that the four crypto assets offered for trade on this platform have previously been recognized as commodities by SEC chair Gary Gensler. In its clampdown on crypto exchanges and projects in June, the SEC labeled nearly five dozen cryptocurrencies as securities and these four assets were left out of the list.
Melker therefore argues that crypto traders are likely to trade these four “commodities” in the future, if the SEC continues its crackdown on exchange platforms and projects in the US.
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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.
