In the week since the Securities and Exchange Commission filed its lawsuit against Coinbase, buzz has been building in the crypto community about another case that could derail the security regulator’s sweeping crackdown.

Ripple Labs has been locked in its own battle with the SEC since 2020 over whether $1.3 billion in sales of xrp, the token developed by the founders of the crypto payments company, were offered and sold as securities. If the judge in the Ripple case broadly decides that crypto tokens are not securities when they trade on secondary markets like crypto exchanges, that could hurt the SEC’s core allegations against Coinbase that it operated as an unregistered securities exchange.