The latest update in the infamous Ripple v. SEC lawsuit is that famed crypto attorney John E. Deaton helped Ripple achieve significant partial success in its battle against the SEC’s overreaching regulation through enforcement.
It has been formally acknowledged by the United States Securities and Exchange Commission that the sale of LBRY Credits (LBC) tokens on the secondary market does not constitute an instance of the sale of unregistered securities. The price of LBC stock increased by more than 80% very shortly after, and at one point, it even increased by more than 280%.
Expert Chimes In
Seeing the way LBC’s price reacted, it makes sense that XRP fans will anticipate the same for the token. Crypto enthusiast and lawyer Bill Morgan have predicted what he thinks XRP’s reaction will be if Ripple indeed emerges victorious in the rigorous case against SEC.
According to the lawyer, XRP could also see a massive spike if its issuer won. At the time of publication, the price of XRP was $0.4043, representing an increase of 1.11% over the previous twenty-four-hour period. XRP is now following the overall attitude in what is anticipated to be a risk-off move in front of today’s FOMC meeting.
Moving on, members of the crypto community will focus their attention on the judgments made by the court on the confidentiality of certain documents. It is important to keep in mind that the resolution of this lawsuit will not only have an effect on Ripple and XRP, but it will also serve as a model for how the cryptocurrency business should go in general. The Securities and Exchange Commission has filed a lawsuit against Ripple alleging that the company sold unregistered securities in the form of XRP coins.