Crypto Expert List Top Beneficiaries If XRP is Classified as a Non-Security

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The post Crypto Expert List Top Beneficiaries If XRP is Classified as a Non-Security appeared first on Coinpedia Fintech News

The SEC vs Ripple Labs lawsuit is perhaps under the radar of all cryptocurrency traders despite the XRP community carrying the larger baggage. Ripple officials have indicated that more than $100 million has been spent on legal fees to fight the SEC. The U.S. SEC chair, Gary Gensler, has stood firm on classifying all crypto assets apart from Bitcoin as unregistered securities. To add insult to the injuries, Gensler has focused on centralized crypto exchanges including Kraken, Bittrex, Coinbase Global, and Binance for lacking proper registration.

As a result, United States cryptocurrency customers cannot access crypto staking programs due to increased regulatory scrutiny.

Tree of Alpha on XRP Regulatory Scrutiny

According to a veteran crypto trader on Twitter called Tree of Alpha (@Tree_of_Alpha), the top 300 digital assets will explode if XRP in its current form is classified as a non-security. The crypto trader insisted that a positive XRP resolution is the best possible news a crypto trader can hope for now.

“The SEC has been unhinged trying to brand everything in Crypto as a security that they need to regulate. A clear win against them would hinder any future cases they might have against other alts/crypto companies,” the analyst added.

Notably, the crypto trader noted that playing by the SEC rules does not yield the best outcome for digital assets-related firms.

Companies like Bittrex that tried to play by the SEC's very vague rules got buried to oblivion, lost their competitive advantage, and are still getting sued in the end.

Trying to navigate the SEC's schizophrenic nonexistent guidance literally does not pay off.

— Tree of Alpha (@Tree_of_Alpha) April 17, 2023

Similar Sentiments

The XRP coin is not only a top-traded crypto asset but also one of the oldest in the industry. As a result, similar sentiments have been shared by most crypto influencers. Moreover, digital asset has deep liquidity on global exchanges including the futures market which is a favorite among institutional investors.

Famous crypto influencer, Ben Armstrong alias BitBoy, argued that other altcoins are heavily dependent on Ripple’s success against the SEC.