The imminent court case of the SEC vs Ripple is drawing fervent discussions among experts and sympathizers. Some are even forecasting that the Commission will soon divert its attention towards ETH.
This sentiment is also held by Bitcoin maximalist and television host, Max Keiser. He elucidated his standpoint in a debate with the founder of CryptoLaw and the attorney representing XRP holders, John E. Deaton.
During their discussion, Deaton conceded that the SEC has inflicted substantial damage on the crypto companies it has targeted, resulting in a significant liquidity drop, multiple coin delistings, and a departure of users. Nonetheless, Deaton maintains hope that SEC Chairman Gary Gensler's term is temporary, which implies that decisions made under his leadership may be re-evaluated after his departure.
However, Deaton pointed to the previous period from 2013 to 2015, when the Commission maintained that Bitcoin was a security before eventually backing down from this assertion. He believes that the ongoing challenges with Ethereum are most likely going to follow a similar path. Essentially, regulators will declare that Vitalik Buterin is dealing in unregistered securities, which would impede the project's advancement. Despite this, Deaton currently perceives Ethereum as having the upper hand, due to its wide appeal among institutional investors.
Keiser and Deaton's Debate. Source: Twitter
Keiser has projected further difficulties for XRP, anticipating the emergence of 'proof' that Ripple (XRP) has been involved in fraudulent activities to dodge regulatory standards.
While Keiser, a crypto enthusiast, acknowledges the SEC's actions against XRP as excessive and unwarranted, he firmly asserts that Gary Gensler would go to considerable lengths to sink the project. In Keiser's view, the Securities and Exchange Commission operates in the interest of the banking cartel, effectively enabling bank-favoring racketeering.
Keiser also maintains that XRP won't survive the SEC battle, claiming that it's only a matter of time before regulators pull the plug on the project. However, it's worth noting that Keiser has consistently been bearish about Ripple and all other cryptocurrencies aside from Bitcoin, which could suggest a certain level of bias in his predictions.
The fact that both Deaton and Keiser anticipate heightened pressure on Ethereum is indeed alarming. They might be privy to some information that isn't common knowledge among regular crypto community participants.
