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Attorney John Deaton stands firm on Ripple’s chances in SEC appeal

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TL;DR

  • Attorney and XRP supporter John Deaton is confident in the SEC’s appeal against Ripple, citing Judge Torres’s well-reasoned order as a strong foundation.
  • Judge Torres categorized Ripple’s XRP sales into three groups and found substantial distinctions, impacting investors’ expectations.
  • U.S. District Judge Jed Rakoff’s disagreement with Judge Torres’s approach in another case adds uncertainty to the pending appeal by the SEC.

The famous attorney and avid XRP supporter, John Deaton, expresses confidence in the Securities and Exchange Commission (SEC) appeal against Ripple (XRP). He believes that Judge Analisa Torres’s well-reasoned order provides a solid foundation for a negative conclusion for the SEC. Citing a detailed thread that explains the judge’s decision, Deaton highlights the use of the Howey test in assessing all the SEC-selected and -defined types of sales.

Judge Torres categorized Ripple’s XRP sales into three groups and found substantial distinctions between them, particularly noting that institutional purchasers signed contracts with Ripple. The court concluded that investors had “different expectations in the very different set of facts in the different categories of Ripple sales and offered the SEC formulated.” Deaton supports the judge’s reasoning and finds no fault with it.

However, recent events have brought some uncertainty to Deaton’s forecast. U.S. District Judge Jed Rakoff, presiding over the SEC’s lawsuit against Terraform Labs, previously disagreed with an approach used by Judge Torres in her judgment, introducing an element of surprise to the pending appeal by the SEC.

Adding to the uncertainty, SEC Chair Gary Gensler has hinted at the serious consideration of an appeal in the Ripple case ruling. While Gensler’s comments do not confirm the SEC’s intentions to appeal, they suggest that the commission has yet to accept a partial loss fully.

Deaton remains undeterred despite these developments, asserting that he will not back down if the appeal goes against Ripple. With the SEC potentially considering an appeal, the future of the legal battle remains uncertain, and market participants eagerly await further developments.

It is worth noting that the Ripple case has drawn significant attention within the crypto community, with various legal experts and enthusiasts engaging in robust discussions about the implications of the judge’s ruling and the potential outcomes of the appeal. As the crypto industry evolves and regulatory scrutiny intensifies, the case’s final resolution could have far-reaching consequences for the broader digital asset space.

While John Deaton remains optimistic about Ripple’s chances in the appeal process, recent events and the SEC’s stance introduce an element of unpredictability to the case’s outcome. The crypto community closely watches the developments in this high-stakes legal battle that could shape the future regulatory landscape for cryptocurrencies.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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