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
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
