Renowned cryptocurrency analyst and YouTuber Scott Melker, popularly known as the “Wolf of All Streets,” has taken to Twitter to initiate a discussion about Ripple’s ongoing legal tussle with the US Securities and Exchange Commission (SEC). Melker’s tweet, which asked his 889K followers to imagine a world where Ripple emerges victorious in its legal battle, has elicited a diverse array of responses from cryptocurrency enthusiasts.
Potential Impact of a Ripple Victory
Some individuals believe that a Ripple victory would provide regulatory clarity for XRP and enable it to flourish within the confines of the American market. However, despite Ripple’s optimistic stance, some observers remain doubtful about the company’s chances of prevailing in the ongoing legal battle. They cite the SEC’s history of prevailing against cryptocurrency firms.
Is XRP a Security?
The legal battle between Ripple and the SEC centers on whether XRP is a security or not. The case has been ongoing for several months, and as it continues, John E. Deaton, a legal expert and amicus curiae for Ripple, has shared his views on the lawsuit and his interpretation of key legal terms and tests involved in the case.
Deaton’s Views
In a Twitter thread posted on April 2, Deaton explained the concept of securities and the investment contract, which he called one of the most misunderstood legal terms in the law. He also shed light on the Howey Test, which he described as the most misapplied legal test or doctrine on social media.
Related: Ripple Vs SEC Lawsuit: SEC Could Lose The Battle Against Ripple, Says Jim Cramer – Coinpedia Fintech News
He also shared his thoughts on the ruling deadline, suggesting that Judge Analisa Torres could take anywhere from hours to months to make her decision. He pointed out that based on her previous cases, a decision could take up to two months following the Daubert/experts’ decision.
Impact of the Ripple-SEC Legal Battle
The Ripple vs SEC legal battle has brought the issue of regulatory clarity for cryptocurrencies to the forefront. The outcome of the case will undoubtedly have a major impact on the future of the industry.
Source: https://coinpedia.org/news/wolf-of-all-streets-what-if-ripple-triumphs-over-sec-in-lawsuit/