The Securities and Exchange Commission’s case against Ripple over the XRP token will establish a critical precedent.
If the SEC were to win, it would be handed the advantage in its “turf war” with the CFTC, Filan says. The crypto industry will not escape supervision in either scenario, but the CFTC isIf the SEC is established as crypto's main regulator, companies may need to register their US-facing services with the agency. But many crypto firms have had a “hall pass” to operate in gray areas, says securities attorney Aaron Kaplan.
Ripple has already announced it will appeal in the event of a loss. Doing so would send the case to the Second Circuit—and then potentially the Supreme Court. Alderoty does not expect the SEC to appeal, but instead to argue the result was an aberration. However, Filan suspects the agency will feel it has little choice if it hopes to preserve its claim to jurisdiction.
Crypto markets are likely to react to the judgment when it comes, as traders price in either a renewed clarity over the legality of crypto services provided in the US, or the prospect of further enforcement action.
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