Ripple vs SEC: Legal Expert Warns Adverse Ruling in Lawsuit Would Be Catastrophic for Crypto Industry

Law Firm managing partner John E. Deaton says the outcome of the SEC lawsuit alleging that XRP is a security will determine whether nearly all other altcoins are securities. Deaton: "Dozens if not hundreds of class actions will likely get filed – but not only versus the exchanges (Coinbase was sued already) but [the alleged promoter of an altcoin] was sued over XRP’s alleged promoter,” Deaton said. The SEC v. W.J. Howey Co. case is credited with the Howey test which is the standard used to determine what is or what is not a security under US laws. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is Source