XRP Lawyer John Deaton, who represents over 70,000 XRP token holders in the U.S. Securities and Exchange Commission (SEC) Vs Ripple lawsuit, warned about major implications from the Congressional hearing of Gary Gensler.

He recalled House Financial Services Committee Chairman Patrick McHenry’s laser sharp question to Gensler on his views on whether Ethereum is a security or a commodity. McHenry had in his initial arguments countered Gensler’s subverting response saying the SEC made a comment on the same in over 50 enforcement actions against the crypto market.