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In a striking twist to the ongoing legal saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) over the status of XRP as a security, a renowned lawyer and fervent XRP supporter, John E Deaton, has voiced optimism regarding the recent court decision. Deaton’s comments stem from a meticulous analysis undertaken by Judge Analisa Torres, shedding light on the intricate details surrounding the case.
Counting On SEC’s Failure In Ripple Case
Deaton’s enthusiastic reaction follows a detailed X thread penned by Australian lawyer and digital asset enthusiast Bill Morgan. The tweet meticulously dissects Judge Torres’s logical approach in her ruling, which Deaton sees as a formidable foundation for a potentially unfavorable outcome for the SEC. “She took each type of sale chosen and defined by the SEC and applied the Howey test. I’m willing to bet significant funds she doesn’t get reversed on appeal,” Deaton asserted.
Central to the discourse is the SEC’s division of Ripple’s XRP sales into three distinct categories, a classification the judge opted to scrutinize individually. This marked departure from the conventional legal approach allows for a more comprehensive evaluation of the case’s multifaceted nature.
The judge’s key finding was the disparity in treatment between institutional and programmatic customers. Unlike the latter, the former got into formal agreements with Ripple, which complicated the regulatory perspective. The judge also pointed out that there was a clear discrepancy between the two buyer groups as a result of the two groups’ lack of understanding regarding Ripple’s participation in programmatic sales. The seller’s and the underlying transactions’ identities are concealed from programmatic buyers, a discrepancy the court considered important in its assessment.
The judge’s meticulous consideration of each sale type showcases her commitment to impartial examination, a factor that could bolster Ripple’s position in potential appeals.
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A Turning Point For Ripple?
Deaton believes that Judge Torres’ analytical rigor and commitment to the Howey test create a strong foundation for Ripple’s position going forward, which is the source of his optimism. The legal team for Ripple advances its case by highlighting the particular conditions that distinguish institutional buyers from programmatic sales in light of the court’s focus on the details of each category.
Judge Torres’ decision seems to represent a potential turning point in the ongoing courtroom conflict, one that is well-received by Ripple and its supporters. The XRP community waits with bated breath as the complexities of the case continue to develop and the legal landscape changes.
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