While the lawsuits filed by the SEC against the leading cryptocurrency exchanges Binance and Coinbase were discussed in the crypto money sector, the eyes were turned to the SEC-Ripple case.
The SEC has sued Ripple in recent years, claiming that Ripple has been offering unregistered securities through XRP since 2013.
That's why the outcome of this lawsuit is of great importance for the crypto industry.
In this context, crypto lawyers argued that the SEC-Ripple case is important to the Coinbase and Binance cases.
The lawyers also said that the judges handling the cases of Coinbase and Binance will closely follow the results of the SEC-Ripple case.
Attorney James Murphy, known on Twitter as "MetaLawMan", stated in a series of tweets that a positive outcome for Ripple could weaken the SEC's hand in litigation against both Coinbase and Binance.
Murphy cautioned, however, that a positive outcome from the Ripple case will not be a binding precedent for recent lawsuits.
1/ The stakes just keep getting higher for the ruling in SEC v. @Ripple.
Here's why.
If Judge Torres rules that $XRP tokens trading on secondary markets are Not Securities–it would undermine the entire basis for the SEC's case against @Coinbase and much of the @Binance case.
— MetaLawMan (@MetaLawMan) June 8, 2023
Apart from Murphy, pro-XRP attorney John Deaton also said that judge Torres will make his decision in the SEC-Ripple case soon.
John Deaton went a step further, claiming that the SEC deliberately sued Binance and Coinbase over the prospect of an adverse ruling in the Ripple case.
“I believe the SEC knowingly wanted to open these lawsuits before the Ripple decision.
Because the Ripple case could have a bad outcome for the SEC and possibly lose political and legal momentum."
Lawyer Bill Morgan, who is also a supporter of XRP, also thinks that the Ripple case may have an impact on Binance and Coinbase cases.
Morgan stated that the outcome in the Ripple case will be positive for either the cryptocurrency industry or the SEC.
*Not investment advice.
