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Ripple Vs SEC News: Judge Analisa Torres’ summary judgment ruling in the US Securities and Exchange Commission v. Ripple Labs is considered a landmark decision by not only the crypto community but also by the legal community. Pro-XRP lawyers and the community defend the decision “Torres Doctrine” in the face of unfair criticism from the US SEC and people such as FOX Business correspondent Charles Gasparino.
Lawyer And XRP Community In Defense Of Judge Torres’ Decision
There have been heated debates between lawyer John E. Deaton and Charles Gasparino related to Ripple vs US SEC lawsuit and XRP. In response to Gasparino’s latest tweet attacking the decision by Judge Torres, Deaton said “Some of the same folks behind the ‘attack the judge’ narrative were the ones attacking me prior to the ruling.”
Deaton in a long Twitter thread on July 24 slammed those who attacked him for supporting Ripple and XRP. Despite being an early Bitcoin and Ethereum hodler, he had been attacked by Bitcoin and Ethereum Maxis and supporters calling him a conspiracy theorist and “shitcoin attorney.” Deaton says his investment in BTC and ETH is many times larger than in XRP.
“SEC threatened me and requested I be thrown off the case! The Maxis ignored the gross government overreach because they disliked Ripple and its executives and sincerely believed XRP was a shitcoin because it was pre-mined and the founders had gifted themselves 20% of the 100 billion XRP.”
Deaton believes the SEC was wrong since the start and senior SEC officials misconducted their powers. He argues first-time buyers purchased XRP as it was a top 3 coin and cheap. In fact, most investors were completely unaware of Ripple and saw the use case in a transaction settled within 3-5 seconds, compared to 10 mins with Bitcoin and much cheaper than ETH. Developer Jaskaran Kambo went to develop SpendTheBits payment platform to settle BTC transactions in 3-5 seconds.
He claims Judge Torres’ decision is 100 percent correct as Howey Test does not consider the level of sophistication of investors. SEC failed to satisfy the 3rd Howey factor and Judge Torres didn’t even mentioned the common enterprise factor.
“According to the law: XRP holders are not in a common enterprise w/Ripple or each other. Some holders loan out their XRP, while others do not. Thus, some holders, who choose to stake/loan or collateralize their XRP, benefit financially while Ripple or other XRP holders do not.”
Meanwhile, the XRP community thinks Charles Gasparino is using the community for gaining attention and his arguments are baseless.
Also Read: Coinbase CLO, XRP Attorneys Respond As SEC Denies Torres Doctrine
SEC Appeal Against Ripple Ruling Will Not Impact XRP
Deaton also argues that even if the US SEC appeals against Judge Torres’ ruling it won’t be a setback for XRP. He explained that a decision on the appeal could take as long as two years and the Summary Judgment will prevail as the law until then.
XRP price currently trades at $0.72, down by 1% in the past 24hrs and 3% in a week. The 24-hour low and high are $0.72 and $0.75, respectively. However, analysts predict an upcoming rally in XRP price.
Also Read: ChatGPT Founder Sam Altman To Launch “Worldcoin” Crypto
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