Attorney John E. Deaton has asserted that the only victory the United States Securities and Exchange Commission will likely get in its case against Ripple is that the blockchain payments sold XRP as a security from 2013 to 2017.

“Personally, based on the way the SEC chose to pled this case (an almost all or nothing approach – ie all sales – past, present and future are unregistered securities) I believe the only victory for SEC is that Ripple offered XRP as unregistered security between 2013-2107 [2017],” Deaton wrote.