A prominent XRP community member is confident Judge Torres will conclude that XRP sold on secondary markets does not constitute a security.
Popular XRP community member Ashley Prosper has revealed his prediction regarding Judge Analisa Torres’ summary judgment decision in the SEC v. Ripple lawsuit.
In a tweet today, Prosper said Judge Torres cannot rule that XRP secondary market sales are securities.
#XRP #XRPCommunity
The way I see it…SEC expert: When XRP Holders bought XRP, they were relying on Ripples’ efforts to increase the XRP price.
Judge Torres: You can’t tell me what XRP holders were thinking when you didn’t speak to any of them. Plus, you admit that if you had,…
— Ashley PROSPER (@AshleyPROSPER1) July 12, 2023
Prosper Highlights How XRP Isn’t A Security
Prosper, who alleged that JP Morgan instigated the Ripple lawsuit, said Judge Torres would make the conclusion in response to an argument by an SEC expert.
It is worth noting that one of SEC’s experts claimed investors were relying on Ripple’s efforts when they purchased XRP. However, the judge dismissed the report after the expert confirmed that he did not speak to any XRP holder.
Furthermore, the expert also revealed that he would have given a different report if he communicated with XRP investors. According to Prosper, the judge will rule that XRP secondary market sales are not securities because of the 3K affidavits from XRP holders previously submitted by Ripple.
If the affidavits are insufficient to declare XRP secondary market sales as non-securities, the judge may reference the 15 amici briefs submitted by different entities supporting Ripple.
Prosper said some of these amici purchased XRP for real-world use cases and not for investment purposes. Additionally, Prosper noted that the SEC has been unable to produce any investment contract between XRP holders and Ripple.
The prominent XRP community member also said the SEC had not met any of the prongs of the Howey Test in the ongoing Ripple lawsuit.
Per Prosper, the judge will conclude that XRP sold on the secondary market, including crypto exchanges, do not constitute the sale of securities.
“I can’t see how Judge Torres concludes that secondary sales of XRP are securities. Not with all the above weighing on her,” Prosper said.
Notably, Prosper’s comments were in reaction to the final ruling on the SEC v. LBRY lawsuit. As reported, the presiding judge of the LBRY lawsuit did not comment on LBC secondary market transactions or the token’s security status.
XRP Community Reacts
The LBRY ruling has stirred reactions from XRP community members, including crypto and legal experts. According to Attorney Jeremy Hogan, Judge Torres may follow in her colleague’s footsteps, and may also not comment on XRP’s security status.
However, pro-XRP lawyer Fred Rispoli thinks the judge will comment on the issue because Ripple referenced XRP security status as its second defense.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Source: https://thecryptobasic.com/2023/07/12/top-expert-predicts-judge-torres-to-conclude-xrp-sold-on-exchanges-arent-securities/?utm_source=rss&utm_medium=rss&utm_campaign=top-expert-predicts-judge-torres-to-conclude-xrp-sold-on-exchanges-arent-securities