XRP Lawyer Joins Experts To Explain Why Judge Rakoff Rejects Torres Ruling

In a significant X (Twitter) announcement, prominent XRP advocate John E Deaton revealed his participation alongside Uphold CEO and HOR Dr. Martin Hiesboeck in a live Twitter Space event titled “The Ratkoff Nothingburger.” The event, slated for later today, delves into the complex realm of XRP’s regulatory status and the decision-making process behind Uphold’s handling of cryptocurrency.

XRP’s Regulatory Status Under Spotlight

Uphold, an industry player known for its discerning approach, notably refrained from delisting or suspending trading of XRP, underlining its perspective on XRP’s classification as a non-security. The live discussion aims to shed light on the nuances of this determination, inviting participants to gain insights into Uphold’s proactive stance.

This comes after, Judge Analisa Torres of the U.S. District Court for the Southern District of New York gave an important lesson from her decision was that XRP does not automatically satisfy the Howey conditions of an investment contract since it is a digital token, indicating that the court does not consider XRP to be a security unless it is sold to institutional investors.

Judge Jed S. Rakoff issued an important decision on July 31, 2023, in the relatively related matter of SEC v. Terraform Labs that went against Judge Torres’ strategy in the Ripple case. He rejected the notion of categorizing coins according to how they were sold, a view that might have wider ramifications for the cryptocurrency industry.

Judge Jed Rakoff’s recent ruling has upheld the SEC’s pursuit of a securities fraud lawsuit against Terraform Labs. The decision marks a significant juncture in the legal proceedings involving Terraform Labs and its founder, Do Kwon.

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Uphold Leads The Example?

The legal and regulatory environment regarding XRP’s categorization as security has been extensively watched by the XRP community. The decision by Uphold to keep XRP trading available on its platform supports its view that XRP should not be classified as a security under current regulatory frameworks. In partnership with Uphold’s leadership, XRP supporter John E. Deaton will host an upcoming Twitter Space event that aims to promote a greater comprehension of these complex issues.

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