NewsletterXRP Lawsuit: John Deaton Bets Against Summary Judgment Overturning
XRP News: John Deaton, the attorney who represents over 75,000 XRP token holders in the Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC), reiterated his confidence on the lack of strength for the agency’s arguments for a potential appeal against the Summary Judgment. On Wednesday, he went as far as saying he would be willing to bet that the verdict by Judge Analisa Torres will not be overturned. The comment came amid debate around Judge Jed Rakoff’s recent ruling that upheld the SEC’s securities fraud lawsuit against Terraform Labs and cofounder Do Kwon.
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US SEC’s Appeal May Fall Short: Attorney
Analyzing the Summary Judgment by Judge Torres in the historic July 13, 2023 ruling, Deaton said there was no evidence to support the Third Howey Test, which states that “a person invests his money in a common enterprise and is led to expect profits.” He added that the US SEC would still face a hurdle when it comes to satisfying the common enterprise part. Attorney Deaton said he even offered to bet that the verdict will not be overturned.
“I’m willing to bet a significant sum that she (Judge Analisa Torres) won’t be overturned.”
Concerns of a possible appeal by the SEC grew when the agency’s lawyers said they intend to seek a review of the XRP ruling after Kwon cited Judge Torres’ ruling as a precedent.
Meanwhile, the crypto market could be likely staring at a rally over the next one week, as major events like the US CPI inflation data release are line up. Earlier, CoinGape reported an analyst quote from Bloomberg that the upcoming August 13 deadline could likely lead to an increase in market volatility.
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