XRP Lawsuit: Is Ripple Losing This “Key Battle” Against SEC?
The U.S. Securities and Exchange Commission (SEC) filed a motion seeking time to reply to LBRY’s position to limit the commission’s remedies. LBRY has raised an objection to the motion. However, it is speculated that the outcome of LBRY vs SEC will affect the XRP lawsuit.
Can LBRY lawsuit influence XRP lawsuit?
John Deaton, the XRP holder’s lawyer in the SEC lawsuit has ruled out all building speculations around this matter. He mentioned his prior assumption of what can happen if LBRY lost the lawsuit. First, the SEC would take this decision to Judge Torres. the second would be people will come out and predict that XRP will also share the same fate.
He highlighted that Ripple doesn’t hold the burden of proof in the XRP lawsuit. While SEC holds it. However, the commission did a decent job in responding to Ripple’s posed pre-1934 Blue Sky Laws argument.
The main thing which splits the XRP lawsuit and LBRY lawsuit apart is the 2nd circuit court. XRP lawsuit is in 2nd circuit while LBRY isn’t. While The LBRY didn’t contest the common enterprise factor.
Is Ripple making it a long game?
XRP Lawyer stated that Ripple is hoping to win at the District Court. However, it is taking it as a long game. The defendants are arguing that the word scheme used by the Apex court in Howey applies just after the courts find that some underlying contract exists.
However, it is difficult to believe that Judge Torres will accept the argument. If she agrees with this then it would be believed that Judge Castel was incorrect in the Telegram. Ripple’s best chance of winning the XRP lawsuit at this level is to stick with a proper Howey analysis.
Deaton added that in the XRP lawsuit, the SEC can’t meet its burden regarding secondary market sales of XRP. It is already being argued that there is no vertical commonality here. The possibility of an XRP price surge is not interlinked with RIpple and its applied efforts.
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