XRP Lawyer Deaton Asserts Coinbase’s Partial Win Against SEC, But Crucial Than Ripple Case
In the US SEC v. Ripple Labs, Judge Torres ruled that XRP sales on crypto exchanges and by executives are not securities — Torres Doctrine. Prominent XRP lawyer John E. Deaton asserts the ruling on Coinbase’s motion to dismiss is more crucial than the Ripple lawsuit and he believes Judge Failla will likely adopt the Torres Doctrine and dismiss a portion of the SEC complaint.
Coinbase Ruling More Crucial Than Ripple Case
After Judge Torres’ summary judgment ruling in the Ripple vs SEC lawsuit and crypto regulatory drafts by US lawmakers, Coinbase filed a motion to dismiss the SEC lawsuit. It argues that the SEC has no jurisdiction or oversight approval from the US Congress.
Pro-XRP lawyer John E. Deaton on September 4 said Judge Failla will likely accept the Torres Doctrine and grant Coinbase’s motion to dismiss on token sales. However, she could allow SEC’s complaint on the staking part to move forward. A settlement between Ripple and the SEC is most likely if Judge Failla accepts the Torres Doctrine.
He also argues that many lawyers are underestimating the chances of Coinbase’s win against the U.S. SEC, but it will be more crucial for the crypto industry. A partial victory will prove that token sales on Coinbase are not securities, improve clarity on crypto rules and guidance, and increase the odds of spot Bitcoin ETF approval.
Also Read: JPMorgan Says SEC Has No Option But to Approve Spot Bitcoin ETF
CoinGape Media earlier reported that Deaton and Coinbase CLO Paul Grewal believe that the SEC interlocutory appeal will get rejected. US SEC’s hypocrisy is noted by the federal judges and both chambers of the U.S. Congress. In fact, Senator Cynthia Lummis urged the court to dismiss the lawsuit as the SEC’s actions are against the Congress and may impact other regulators.
Meanwhile, XRP price currently trades above the $0.50 support level, up 1% in the past 24 hours. The 24-hour low and high are $0.500 and $0.512, respectively.
Also Read: Terra Luna Classic Top Validators Support Crucial Dynamic Minimum Commission Proposal
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