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XRP Lawyers, Coinbase CLO Share Significance Of Judge Torres’ Ripple Ruling

Coinbase chief legal officer Paul Grewal and XRP lawyers highlight significance of Judge Torres' Ripple ruling against the US SEC.
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XRP Lawyers, Coinbase CLO Share Significance Of Judge Torres’ Ripple Ruling

The US Securities and Exchange Commission (SEC) defies Judge Analisa Torres’ ruling in the Ripple lawsuit that made programmatic sales to the public and distributions of XRP to Ripple employees as non-securities. Coinbase CLO Paul Grewal and XRP lawyers reacted to news that the SEC asked Coinbase to delist all crypto except Bitcoin before the lawsuit.

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XRP Community On SEC Asking Coinbase to Delist All Crypto

Pro-XRP lawyers including John E. Deaton, Bill Morgan, and others comment on the latest news of the US SEC asked Coinbase to stop trading all crypto except Bitcoin before the lawsuit.

John Deaton said the SEC is trying to build an anti-crypto narrative and the latest report shows how significant Judge Torres’ ruling in the US SEC v. Ripple Labs.If the SEC had won the case as it had hoped, Gary Gensler and Elizabeth Warren’s anti-crypto army would’ve been out in full force,” said Deaton. 

“Do you think all Democrats who’ve spoken out since the Torres Decision, including the 6 who voted in favor of the Bill coming out of the Financial Services Committee, would’ve done what they did had Torres ruled XRP is a security? Of course not.”

Lawyer Bill Morgan argues the Torres ruling is a crucial decision for the crypto industry, especially her reasoning that XRP token itself is not a security. It probably would apply to most tokens on the Coinbase exchange. In fact, Coinbase wasn’t trading XRP, but relisted XRP immediately after the ruling.

Also Read: Terra Luna Classic Burn Hits 70 Billion Milestone Ahead Major Burn By Binance

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Coinbase CLO Paul Grewal Highlights Key Point in Torres Ruling

Coinbase chief legal officer Paul Grewal in a post on July 31 said Judge Torres’ ruling will remain a major decision for the crypto industry. He added that “A judge’s job is to apply the law as it is, not fill gaps in it, Judge Torres understood this.”

He cites lawyer Lewis Cohen’s tweet on the precedent Sinva v. Merrill Lynch used by Judge Torres in the ruling. The judge rejected a key SEC’s argument that speculative trading of XRP indicates that the securities laws should apply.

Also Read: Binance Becomes First Crypto Exchange To Get Major License In Dubai

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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