Wed. Jul 17th, 2024

• John Deaton, a pro-XRP lawyer, predicts that the SEC will appeal the Ripple case but believes they won’t be successful.
• The SEC has argued Judge Analisa Torres’ decision in the Ripple case was “wrongly decided”.
• Deaton believes an appeal would take two years and even then Judge Torres could still rule in favor of Ripple again.

Lawyer Predicts Victory for Ripple in Case of SEC Appeal

John Deaton, a pro-XRP lawyer, is confident that the U.S Securities and Exchange Commission (SEC) will not have success if they chose to appeal Judge Analisa Torres’ decision in their lawsuit against Ripple. He believes that should an appeal take place it would likely take two years for a decision to be given and that even then Judge Torres may still rule in favor of Ripple based on her application of other legal factors.

SEC Claims Ruling Was ‘Wrongly Decided’

The SEC has argued that Judge Analisa Torres’ ruling, which concluded that Ripple’s open-market sales of XRP did not constitute security offerings, was “wrongly decided” and are considering their options for further review – suggesting they will most likely appeal the case.

Deaton Believes Judges Hard Pressed To Contradict Historic Ruling

Despite this, Deaton remains confident that any appeals made by the SEC would fail as he believes judges within the 2nd Circuit would be hard pressed to contradict Judge Torres’ historically significant ruling – one which she cited from fellow judge Castel regarding Telegram’s cryptocurrency Gram not being classed as a security.

Underlying Asset Never A Security In Investment Contract Analysis

Deaton goes on to explain how the underlying asset itself can never be classed as a security within an investment contract analysis – another factor which works in favour of Ripple should an appeal take place.

Conclusion

All things considered, John Deaton remains confident about XRP’s future despite looming appeals from the SEC and despite his opinion carrying no official weight he feels like judges will be hard pressed to disagree with Judge Torress’ historic ruling.

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