What kind of proceedings are we talking about?
At the end of 2020, the agency filed a lawsuit against Ripple for the fact that the project offered unregistered securities through its coin, starting from the moment of its foundation. The same claims were made towards Binance on June 5 and Coinbase on June 6.
Jame Murphy, a lawyer who is popular on Twitter under the nickname "MetaLawman" made several posts today. In them, he explained why the Ripple case is so important for crypto platforms. If it is successfully completed in favor of the crypto project, then the entire basis of the Sec's cases against crypto exchanges may be undermined.
At the same time, he noted that even if Judge Torres decides that tokens cannot be a security, this will not become a binding precedent. Consequently, other judges may not make similar decisions against crypto exchanges.
Ripple's lawyer said that the agency is aware of the imminent publication of the decision on the case. At the same time, he noted that while traditional whales will not be able to capture most of the crypto market, the SEC will continue its "hunt"
