January Walker highlighted the widely-held belief that a ruling against Ripple would be detrimental to the majority of assets within the crypto space.
United States Congress Candidate and Utah-based politician January Walker has asked the entire crypto community to show solidarity with Ripple by ensuring collective support for the American technology company against the United States Securities and Exchange Commission (SEC) in the ongoing litigation.
According to Walker, it will be in the best interest of the entire crypto community to pull their weight behind Ripple at this time, as an unfavorable ruling against the firm is likely to affect how the American legal system deals with subsequent cases regarding digital assets. This represents a widely-held belief within the crypto community.
“The crypto community needs to rally behind XRP Ripple against the SEC. What happens to one will happen to all with government overreach,” Walker remarked in a tweet yesterday. Walker’s recent comment followed an earlier tweet in which she pointed out the importance of a Ripple win, claiming that a settlement would be a loss for Web3 and the world, as earlier reported bu The Crypto Basic.
The crypto community needs to rally behind XRP Ripple against the SEC. What happens to one will happen to all with government overreach.
— January Walker (@UtahPolitician) December 13, 2022
In a thread of tweets, Walker opined that the global scene tends to lean towards the direction the U.S. financial space takes. Consequently, she claimed that how the American financial system handles XRP would set a precedent for the world to follow about how they deal with all digital assets, not just XRP.
“Instead of battling against each other claiming one group is better than another, we need to work together for the right legislation,” she advised, calling for one voice within the crypto community.
The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us. Instead of battling against each other claiming one group is better than another we need to work together for the right legislation.
— January Walker (@UtahPolitician) December 12, 2022
Walker Has Faced Some Opposition in Her Request
On the flip side, the President of the Texas Blockchain Council, Lee Bratcher, made remarks claiming that XRP’s model fits the Howey Test and the asset should be considered a security. Bratcher’s comments responded to Walker’s call for solidarity and support for Ripple in the ongoing litigation. “There is a spectrum of decentralization, and XRP is towards the centralized side,” Bratcher asserted. A few other proponents have come up to support Bratcher on his claims.
Unfortunately, this will not happen because many of us think that XRP does trip the Howey test and should be considered a security. There is a spectrum of decentralization and XRP is towards the centralized side.
— Lee ₿ratcher (@lee_bratcher) December 14, 2022
In response, former Principal Developer Advocate at Ripple Matt Hamilton noted that certain blockchain councils and bitcoin maximalists are “mistakenly leading” people to believe that XRP is a security. According to him, this represents a problem within the crypto space, as these entities are siding with the SEC, but they are not yet aware that this could also affect bitcoin and the entire crypto scene in the long run.
In response to Bratcher, Walker highlighted that the SEC could not prove that XRP is a security according to the provisions of the Howey Test, according to the filings she saw last week. “More concerning, the SEC was trying to expand the test to make Ripple a security unlawfully. We shouldn’t support overreach,” she added.