Attorney Suggests Crypto Policy Issues Should Be Fought in Courts
Attorney John Deaton, who represents XRP token holders in the SEC lawsuit against Ripple, believes that crypto policy issues should be resolved in the courts until there is political consensus in the United States. He made this statement in response to the introduction of several important crypto bills by Senate and House leaders. According to Deaton, fighting in court and supporting American innovation through voting is the best approach for crypto market participants.
Major Developments in Crypto Lawsuits
In recent months, there have been significant developments in crypto-related court cases that could have a lasting impact on the industry. Ripple won a victory in its lawsuit against the SEC, as the judge ruled that retail sales of XRP tokens are not securities. Additionally, Grayscale successfully converted its Grayscale Bitcoin Trust into a spot Bitcoin ETF with the court’s approval. However, Coinbase and Binance faced separate lawsuits from the SEC, accusing them of violating securities laws.
Lack of Crypto Political Consensus
Despite the introduction of various digital asset bills in US legislatures, Deaton believes that these bills are unlikely to be passed due to an anti-crypto agenda among lawmakers. He states that there is zero chance of passing these bills when influential leaders from the incumbent party hold anti-crypto views.
Hot Take: Crypto Policy Battles Continue
The battle over crypto policy issues continues to play out in courts across the United States. With political consensus on these matters seemingly far off, market participants are relying on legal battles and voting for American innovation to shape the future of cryptocurrency regulation. Recent victories for Ripple and Grayscale highlight the potential impact of court decisions on the industry. However, simultaneous lawsuits against Coinbase and Binance serve as a reminder of the ongoing challenges and regulatory scrutiny faced by crypto exchanges. As the crypto landscape evolves, the outcome of these legal battles will continue to shape the industry’s trajectory.
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