XRP Ruling Update: Pro XRP lawyer John E Deaton today in a twitter post claimed that if US SEC appeals against XRP ruling it won’t be a setback for XRP. As per legal opinion of multiple lawyers, US SEC is likely to appeal against the recent XRP ruling, which ruled that XRP is not a security.
With the judge ruling that the programmatic sale of XRP tokens via exchanges does not qualify them as securities, the question now arises as to what would be the legal standing if the SEC does appeal against the ruling. Attorney John Deaton, who represents over 75,000 XRP token holders, explained the ifs and buts of how the Summary Judgment would come into force.
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On Friday, the US SEC mentioned in its filing in the Terraform Labs CEO Do Kwon’s case that it intends to seek a review of the decision in the Ripple lawsuit. This came after Kwon showed intent to use the XRP lawsuit verdict as a precedent for digital assets not being treated as securities.
Amid speculation that a possible appeal by the US SEC would be a setback for the crypto market, Attorney Deaton clarified that even if the agency does appeal, it would not be close to being a setback for XRP holders.
He explained that a decision on the appeal could take as long as two years and in the mean time, the Summary Judgment will prevail as the law. Meanwhile, it remains to be seen when the SEC staff will initiate proceedings for request for appeal against the decision.
“An appeal is not even close to be a setback. Don’t let anyone underestimate how significant this win is for XRP and XRPHolders and Ripple.”
Reacting to the debate about the SEC’s oversight on the tokens, Stuart Alderoty, the chief legal officer at Ripple, said,
Earlier, CoinGape reported that the US SEC has no other option left but to go for an appeal. It is the part which concerns the institutional sale of XRP that may have some leeway for the agency to explore terms of settlement, considering judge Torres ruled that only the retail sale of XRP amounts to not being securities assets.
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