The recent verdict on the status of XRP tokens in the ongoing XRP lawsuit between Ripple Labs Inc and the SEC has sparked assumptions that the case has concluded. However, XRP holder’s lawyer John Deaton has publicly debunked this myth and clarified that the trial is not yet over.
Responding to an interview shared by a Twitter account called Digital Asset Investor.XRP, Deaton addressed the misconception surrounding the core decisions that will go to trial. He stated that the Summary Judgment, which declared XRP is not an investment contract, will not be up for trial. Instead, the trial will focus on whether Ripple founder Chris Larsen and current CEO Brad Garlinghouse “aided and abetted Ripple related to Institutional sales” only.
Deaton’s revelation implies that the sales of XRP on secondary markets or crypto exchanges are not considered securities. This clarity has led top trading platforms in the space to relist XRP for buying and selling fully. While there are concerns that the remaining aspects of the lawsuit could impact XRP and the Ripple community in the long term, the confirmation that XRP is not a security brings solace to investors.
The outcome of the XRP lawsuit holds significant stakes as the SEC has declared several top altcoins, including Cardano, Solana, Polygon, and The Sandbox, as investment contracts. With XRP being deemed not a security, any further legal action against these cryptocurrencies may prove to be fruitless for the market regulator. This has led many experts to view the XRP ruling as a major win for firms like Coinbase.
Overall, the ongoing XRP lawsuit battle between Ripple Labs Inc and the SEC is far from over, despite assumptions made based on the recent verdict. John Deaton’s clarification on what elements of the case will potentially go to trial has shed light on the situation. The recognition that XRP is not an investment contract has prompted top trading platforms to list the digital currency again. This ruling is seen as a significant precedent and could impact future legal actions against other altcoins. As the case progresses, the Ripple community and investors can find comfort in the clarity regarding XRP’s status as a non-security.
