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US SEC Has A Bad Precedent From XRP Lawsuit Judge Analisa Torres

An old case forms an important precedent against the SEC by the same judge overseeing the Ripple XRP lawsuit.
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US SEC Has A Bad Precedent From XRP Lawsuit Judge Analisa Torres

Crypto Market News: Even as the crypto community awaits the summary judgment in the XRP lawsuit, an old court judgement ruling that went against the U.S. Securities and Exchange Commission (SEC) could give a lot of confidence to the XRP token holders. John Deaton, the attorney representing the more than 70,000 XRP token holders, said there could be a logical conclusion end to the lawsuit in the form of a settlement only in case if Ripple wins against the SEC.

Also Read: Barclays Predicts “Sufficiently Restrictive” FOMC Stance On Fed Rate Hike

In a recent comment, Deaton said there will not be any chance for settlement if the SEC emerges victorious in the lawsuit. Meanwhile, Ripple Labs and its executives are confident of a win for XRP.

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SEC Lost A Case Overseen By Judge Analisa Torres

In an interesting finding, the US SEC lost in a lawsuit overseen by Judge Analisa Torres, who is also now in charge of the XRP Vs SEC lawsuit. In 2019, the judge ruled against the regulatory agency in the SEC v. Rio Tinto lawsuit. When the SEC appealed, the appellate Court upheld the Judge’s decision, pointed attorney Jeremy Hogan. Hence, this forms an important precedent against the SEC by the same judge overseeing the Ripple lawsuit.

Also, the SEC could face a fresh challenge some time later in 2023 if the US Supreme Court goes for abolishing the Chevron Doctrine. Earlierm CoinGape reported that the top US court agreed to consider the proposal to look into the decision making powers federal agencies gain through the Doctrine.

Also Read: Every Friday One US Bank Collapses; Who’s Next On The Bank Run?

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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