The landscape of cryptocurrency regulation witnessed a significant shift as Judge Torres handed down a remarkable verdict on Ripple’s legal woes. Her decision has stirred up discussions and speculation about its implications for the future of the cryptocurrency market.
The energy in the community is electrifying – let’s find out why!
Clarity for Ripple’s Status
In a groundbreaking turn of events, Judge Torres meticulously analyzed Ripple’s previous institutional sales and labeled them as investment contracts. However, she drew a clear distinction by stating that the sales made through digital platforms were not subject to securities regulations. This pivotal distinction led to her conclusion that XRP does not fall within the category of securities.
The cryptocurrency community has been abuzz with speculations about the potential outcomes of this mixed verdict. There are whispers of the possibility of the ruling being overturned by higher courts should the SEC choose to appeal. Notably, prominent cryptocurrency attorney and unwavering XRP advocate, John Deaton, holds a different perspective on this matter.
Read More: Ripple Vs SEC News: SEC’s Calculated Move Backfires, Ripple Triumphs in Torres Decision
The Decision Will NOT Be Overturned
Speaking on a Twitter Space hosted by the Uphold cryptocurrency exchange, John Deaton voiced his unwavering confidence in Judge Torres’ decision. He emphasized her stellar track record and her consistently accurate judgments that have withstood the test of time and appeal. Deaton attributed the strength of her ruling to the meticulous application of the Howey Test to each XRP sale scrutinized by the SEC.
Confident in his conviction, Deaton expressed his readiness to wager a substantial sum of money on his belief that the Second Circuit will uphold Judge Torres’ ruling without interference.
Contrasting Opinions
However, as is often the case in legal matters, diverse viewpoints abound. Not everyone holds Judge Torres’ decision in the same esteem. This is evident when considering the contrast between her ruling and a separate legal battle waged by the SEC against Terraform Labs and its former CEO, Do Kwon.
Drawing parallels between the two cases, Judge Jed Rakoff expressed dissenting opinions regarding Torres’ approach. He asserted that the Howey Test, a cornerstone in evaluating securities, does not discriminate between various types of buyers.
However, Deaton remains undeterred. He swiftly highlighted that Rakoff’s judgments weren’t without their own share of overrules—citing an astonishing 56 instances of reversal by higher courts.
Source: https://coinpedia.org/news/john-deaton-says-its-impossible-for-judge-torres-ruling-to-be-appealed/