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Famed legal expert and vocal XRP advocate John E Deaton has raised pointed questions about the US Securities and Exchange Commission’s (SEC) decision to challenge the verdict in its lawsuit against Ripple. Deaton’s critique centers on the SEC’s argument that the ruling’s implications could affect other ongoing lawsuits of similar nature, which Deaton considers a tenuous claim.
Deaton’s Response To SEC’s Ripple Verdict
In reaction to the SEC’s decision to appeal the decision that the sale of XRP to individual investors does not qualify it as a security, Deaton provided his take. He contends that a District Court judge, such as Judge Torres in this case, can discern between decisions made in light of the facts given and the particular circumstances in each case. The SEC’s claim that the Ripple decision would affect its other lawsuits is refuted by this.
The SEC’s decision to challenge the ruling caused a lot of debate in the legal and cryptocurrency worlds. Deaton questioned the validity of this reasoning because the SEC’s worries about possible consequences for its other cases were viewed with suspicion.
Adding a layer of irony to the conversation, NFT enthusiast PeterJ Graham commented, “If it was not so twisted it would be funny, please do not apply the law here because it might impact other cases we have where people are not braking the law.”
Also Read: XRP Legal Battle Escalates, Anticipation Grows Over SEC Appeal Denial
Things To Consider With These Developments
In response to these developments, Deaton’s US Crypto Law highlighted the specifics related to the SEC’s actions. The agency is pursuing an interlocutory appeal to the Second Circuit Court of Appeals, focusing on two adverse determinations made by Judge Torres. These determinations pertain to the charges of “aiding & abetting” against individuals like Brad Garlinghouse and Chris Larsen, as well as the remedies phase of the Institutional Sales ruling.
Legal experts in the crypto field emphasize that the SEC’s arguments must align with both Judge Torres and the Second Circuit Court for the interlocutory appeal to be granted. This requirement underscores the complexity of the legal process and the significance of this specific case in shaping the future legal framework for cryptocurrencies.
As the legal and cryptocurrency communities closely monitor these developments, the ripple effects of the SEC’s decision and its potential consequences for legal precedent and the broader crypto landscape remain subjects of intense debate and analysis.
Also Read: Billionaire David Rubenstein Bullish On ‘Mighty’ Blackrock Bitcoin ETF
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