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A Web3 legal expert says Ripple has a “three-year head start” towards a resolution in the SEC lawsuit

A Web3 legal expert says Ripple has a

The ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple is expected to have a long-term impact on the crypto industry’s future.

This line claims that Ripple has a significant advantage over other cryptocurrency companies. Jesse Hynes, an attorney with Web3, which may face similar SEC legal action, stated in a tweet on February 15 that the blockchain firm has a “three-year head start.

He believes Ripple has the potential to set a significant legal precedent for the industry, citing the company’s skilled legal team. He believes that other companies facing similar lawsuits will be forced to build their legal teams from the ground up.

Everything has both positives and negatives.” Consider the recent SEC assault on cryptocurrency. Negative: everything. Positive: Ripple has a three-year head start on everyone else when it comes to finding a solution. Even XRP detractors will begin to hope and pray for Ripple’s victory. Many of these actions will be decided by the ripple defence. “If there’s one company in this space that I’d want to be the first to make case law for, it’s Ripple,” he said.

The SEC’s case against Ripple

It is worth noting that the SEC has sued Ripple for selling unregistered securities in the form of XRP tokens, with both parties anticipating a summary judgement in March.

Indeed, legal experts led by XRP holders’ John Deaton have declared that the SEC’s securities label is misleading.

The issue is that smart, influential people other than Gensler are spreading the false narrative that tokens are securities, according to Deaton. Gary Gensler and the SEC continue to focus on the token itself, labelling the vast majority of cryptocurrencies as securities.

Hynes’ comments are noteworthy because they come at a time when the crypto industry is under increased scrutiny from regulators around the world, with the SEC being one of the leading agencies. For example, the SEC has reached an agreement with crypto exchange Kraken regarding staking. Kraken has been forced to halt its staking services in the United States as part of the agreement.

The regulator, on the other hand, has sued Paxos, the creator of the Binance USD (BUSD) stablecoin, on the grounds that the product is an unregistered security. Overall, the outcome of the SEC and Ripple proceedings is expected to have a significant impact on the value of most cryptocurrencies, with XRP being first in line.

XRP price analysis

By press time, XRP was trading at $0.38, up more than 4% in the previous 24 hours. On the weekly chart, however, XRP is down 5%.

https://finbold.com/app/uploads/2023/02/XRP-chart-3.png

The asset currently has a market capitalization of $19.4 billion.

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