SEC vs. Ripple is a well-known dispute that has been going on for more than two years. The SEC charged Ripple with marketing XRP as a security, burdening XRP’s potential for long-term price growth.
It is one of the most well-known court battles in the history of cryptocurrencies and a crucial development for industry regulatory worries. A crucial summary decision in the case of Ripple v. SEC is imminent, and fresh developments could change the outcome. Attorney John E Deaton recently commented on Ripple v. SEC and its significance..
Also read: Gary Gensler Expresses Concerns of Crypto Realm in Recent Testimony
John E Deaton states the significance of the Ripple v. SEC case
In one of his recent comments, Deaton reiterated that the Ripple v. SEC lawsuit is the most significant non-fraud SEC enforcement. “He reiterated that the ongoing Ripple v. SEC lawsuit is the most significant non-fraud SEC enforcement action since 1946, the period of the Howey case.”
The SEC lawsuit that has been dragging on alleges that XRP is a security. However, the same statement is proving to be a curse for Gensler and the SEC. Gensler was recently roasted in a recent testimony where he was questioned on various aspects, including the FTX investigation and whether Ether is a security or a commodity.