“Considering Congress is not going to provide regulatory clarity […] the ruling by Judge Torres in the SDNY will decide whether the SEC has jurisdiction over the existing altcoins that have traded for years.”
FastMed founder Jason Williams, also known as Parabolic Guy, triggered a discussion on Twitter over the role of XRP in the digital asset space.
The entrepreneur is also a Bitcoin investor with multiple investment exits in excess of $500 million and is a founding partner of Morgan Creek Digital Assets.
The Bitcoin maximalist asked “Why is XRP important”. Among the many comments was XRP Holders’ attorney John Deaton’s, who pointed the SEC v. Ripple case as a make or break for the crypto asset industry.
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“The SEC’s argument regarding XRP makes XRP by far the most important altcoin in crypto. The SEC is alleging that today’s XRP – the token itself – is a security, including secondary market sales – independent of Ripple”, he wrote.
“Considering Congress is not going to provide regulatory clarity (especially in an election year on the heels of the [Supreme Court] overturning Roe), the ruling by Judge Torres in the SDNY will decide whether the SEC has jurisdiction over the existing altcoins that have traded for years.
“The SEC IS NOT only alleging the way Ripple offers and sales XRP is illegal but that ALL XRP are unregistered securities. It’s the functional equivalent of claiming the oranges or groves in Howey were securities. If successful, then almost every other altcoin is a security”, he added.
Since the beginning of the Ripple lawsuit, experts within the digital asset space have warned this case is different as it will be precedent-setting and will determine how the SEC’s enforcement actions will play out in the future.
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The Securities and Exchange Commission has filed complaints against more than 75 crypto firms in…
