• The Ripple v. SEC case, has seen several filings since the deadline for non-parties to submit their applications to seal was on January 4.
• Congress‘ opinion of the crypto business is „bad“ according to Ron Hammond, director of government relations at the Blockchain Association.
• Atty. John Deaton believes the outcome of the Ripple case could set a precedent for the future of altcoins.
The legal battle between the United States Securities and Exchange Commission (SEC) and Ripple Labs Inc. has been heating up in recent weeks with both sides submitting their respective briefs. With the deadline for non-parties to submit applications to seal documents passing on January 4, several new documents have been filed in the case.
Atty. John Deaton, a former Ripple executive and current Ripple spokesperson, believes that the outcome of the case could set a precedent for the future of altcoins. In a statement to the press, Deaton said, “I believe that this case could be a defining moment in the history of cryptocurrency. Whatever the outcome, it is likely to reverberate throughout the crypto industry and have implications on the legal status of altcoins.”
Meanwhile, Congress‘ opinion of the crypto business is not looking too good according to Ron Hammond, director of government relations at the Blockchain Association. Hammond believes that the business has regressed as a result of scandals exposed over the past year and skeptical members of Congress fear that creating laws will only assist to legitimize the crypto sector.
Brad Garlinghouse, the CEO of Ripple, is still cautiously optimistic that 2023 will be the year when the US will finally see a breakthrough in terms of regulatory clarity for crypto. Garlinghouse shared his views in a tweet thread and expressed his hope for a breakthrough in the near future.
The Ripple v. SEC case could potentially be the first step in achieving that goal. If the case ends in Ripple’s favor, it could set a precedent for the future of altcoins and provide much-needed clarity on the legal status of crypto in the US. On the other hand, if the case goes against Ripple, it could have a major impact on the entire crypto industry and could lead to more stringent regulations on crypto assets.