Pro-XRP lawyer John Deaton, along with Tyler Winklevoss, the CEO of Gemini cryptocurrency exchange, expressed similar sentiments regarding the recent ruling against the Securities and Exchange Commission (SEC) in its case against Coinbase. Deaton believed that Coinbase emerged as a “winner” from the ruling, and altcoins, including XRP, would benefit as well.
Tyler Winklevoss described the ruling as a significant blow to the SEC’s case against Coinbase, while his twin brother, Cameron Winklevoss, referred to it as a “watershed moment” that would make it challenging for the SEC to assert authority over cryptocurrencies.
However, despite the positive outcome for XRP, several digital asset lawyers urged caution and advised against premature celebrations. Stephen Palley, a partner at law firm Brown Rudnick, pointed out that the summary judgment was only partial and did not establish a precedent. It might serve as persuasive commentary for future courts, but it is not binding.
There is also the possibility that the SEC may appeal the decision, raising the chance of higher courts overturning Judge Torres’ rulings. However, Justin Slaughter, former SEC adviser and policy director at Paradigm, expressed the belief that even if the SEC were to win at the appellate level, they might face challenges at the Supreme Court. The Supreme Court has shown hostility towards various agencies recently, and Slaughter anticipated that they would not miss an opportunity to use a ruling from a Democratic judge to scrutinize a major agency.
As the legal battle between the SEC and Coinbase unfolds, the final outcome and its impact on the authority and regulation of cryptocurrencies remain uncertain.
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