The SEC's course of action in the XRP lawsuit will have this consequence.

The court approved the SEC's request to extend the discovery deadline until January 14, 2022, disappointing many investors looking for a quick conclusion in the SEC versus Ripple Labs dispute.

John Deaton, Counsel for Amici Curiae – or "friends of the court" – who represented thousands of XRP holders, was one of those dissatisfied.

The crypto lawyer discussed the case and speculated on what may happen on the Paul Barron Network.

Will the SEC Reach an Agreement?

While winning and losing a case appear to be black-and-white outcomes, a settlement has its own set of repercussions.

According to Deaton,

"If the court rules that XRP is not a security and that the SEC did not provide fair and adequate notice to the market – if they win – Gensler's jurisdictional approach to crypto will come to an end. Because the SEC would only have jurisdiction over a pure ICO kind of offering at that time..."

He continued,

"So it's feasible that the SEC settles with Ripple so that they can still pursue other cryptocurrencies..."

Both fear and hope are present.

Deaton was especially worried by the SEC's opinion that all XRP, even those in the secondary market, are securities, putting aside the SEC's problems with Ripple as a firm. However, when it came to his particular horror, Deaton remarked,

" biggest concern is that the SEC will dismiss the case because they are afraid of a defeat, and then it will be as if the previous year never happened."

On a brighter side, Deaton speculated that XRP holders would benefit from the court extension. He said that Ripple would be able to collect proof from anyone in possession of the digital asset.

However, the crypto lawyer emphasized that money was not the most crucial factor. Instead, he believes Ripple's efforts and the court's decision might lead to additional SEC litigation against other businesses.

Congress has been contacted.

On November 3, Ripple CEO Brad Garlinghouse emphasized the need of Congress "taking the lead" in offering recommendations and clearing the air on crypto policy in the United States. Deaton, for one, started the "Connect to Congress" initiative. This enabled XRP holders to contact senators and congressmen to express their concerns about their rights and cryptocurrency policies.

"Because you and I both know...Congress is the solution," Deaton added. It will have to resolve this issue in the end."


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