Ripple Labs and the US Securities and Exchange Commission are currently in court over XRP’s security status. Attorney John Deaton, who has called Bitcoin security in the US Securities and Exchange Commission (SEC) case over the security status of XRP, is getting closer to the final ruling. The SEC could soon take action on the digital asset. Evan Van Ness tweeted that two entities control the Bitcoin production block.

MAJORITY OF #Bitcoin Block Production CURRENTLY CONTROLLED NOW BY TWO ENTITIES

Antpool and FoundryUSA have built 501 of the 1000 blocks worth $BTC in the past 1000 years.

More than half of the block production is controlled by two pools

John Reed Stark, an ex-SEC enforcement attorney, asked why Bitcoin is not considered a security that needs SEC registration. Stark suggested that Bitcoin was an unregistered security because of its centralization in mining.

Deaton also stated that Bitcoin’s security status was a subject of discussion with some SEC officials in the past.

The SEC has many other members who agree with this view. Some at the SEC claimed that BTC was an unregistered security in 2015. Maxi’s like @saylor or @maxkeiser should not encourage/celebrate actions of the SEC XRP tokens. The USA is hurt by the SEC’s overreach.

Bitcoin and Ethereum maximalists could support the SEC in a backwards direction

Deaton warned in the past that the SEC could ban Ethereum from switching to Proof of Stake. Because they have not supported the Ripple/SEC lawsuit, Deaton mentions Bitcoin maximalists as well as Ethereum supporters. Max Keiser and Michael Saylor have supported SEC, with Saylor claiming that Ripple and Ethereum are security fraud.

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He said that ETH and XRP were unregistered securities, and should be closed down. Vitalik Buterin, the co-founder of Ethereum, had previously called XRP centralized. Buterin’s position was prompted by Ripple’s comments in a court filing from two years ago that Ethereum is controlled by China. Buterin stated that XRP had lost its protection from Ethereum in August.

Deaton believes, however that the anti-Ripple community’s support for the so-called Bitcoin maximists could backfire on them.

The danger of supporting government excesses simply because they don’t affect the asset you choose is captured in a perfect picture.

Brad Garlinghouse is the CEO of Ripple Labs and has asked for support from the crypto community. A victory for the SEC may have an impact on other digital assets.

January Walker, U.S. Congress Candidate, also made similar claims.

The actions of the USA are followed by the rest of the world. How one government handles one person sets the precedent for how the government treats all others. We need to cooperate for the right legislation, not fight against each other.

Lee Bratcher is the President of Texas Blockchain Council. He believes that the XRP model meets the Howey test, and should be classified under security.