  
The Ripple vs. SEC the case has been dragging on for nearly two years now. Following the litigation brought against Ripple Labs by the SEC, the two entities have had one of the longest legal battles in the crypto space so far. As we near the end, John E. Deaton, founder of US legal firm, Deaton Law Firm, revealed how important the final decision is for crypto in general.
Deaton notes that if the final decision goes against XRP, it could be catastrophic for other altcoins
In a response to a tweet from American entrepreneur and well-known Bitcoiner, Jason A. Williams, Deaton pointed out that the SEC case against XRP makes XRP by far the most important altcoin in the crypto space right now. moment. Jason’s tweet reads: “Why is XRP important?” It is important to note that Deaton is also involved in the XRP affair.
The SEC argues that XRP (Ripple’s native coin) is classified as a security, alleging that Ripple Labs and two company executives profited from sales of the token without meeting the necessary conditions, and taking adequate steps to save as title. .
Deaton noted that if the final decision on the case goes against Ripple Labs, it would spell disaster for all other altcoins as they could also be classified as “unregistered securities” by the SEC and any subsequent decision by a US court, since the judgments drawn from certain cases are influenced by previous decisions on similar issues.
Deaton says it’s a nightmare most altcoins will likely face assuming Congress doesn’t provide regulatory clarity on crypto that spells out the asset class’ position in the broader financial market.
  
The SEC recently asked to limit Ripple’s expert testimony
In December 2020, the Securities and Exchange Commission filed a lawsuit against Ripple Labs and two of its executives. Often, when the SEC takes legal action against crypto entities, companies succumb to the demands of the regulator and pay the fines imposed. Ripple Labs opted to go to trial instead.
The trial has been going on for nearly two years now with new evidence and clearer arguments being provided periodically by both parties involved. The lawsuit had adverse effects on XRP: major crypto exchanges pulled the coin due to the lawsuit.
Lately, the SEC asked to expunge the testimony of up to ten prominent figures presented by Ripple Labs – a move that the crypto community says is intended to put pressure on the defense team. Despite the battle, XRP retained its position as the “top 10” crypto by market valuation. It is currently trading at $0.34, gaining 7% over the past 7 days.