Ripple vs. SEC News: Judge Analisa Torres’ ruling in US Securities and Exchange Commission v. Ripple Labs is considered a landmark decision not only by the crypto community, but also by the legal community. Pro-XRP lawyers and the community are defending the “Torres Doctrine” decision despite unfair criticism from the US SEC and the likes of FOX Business correspondent Charles Gasparino.
Lawyer and XRP Community in Defense of Judge Torres’ Decision
There have been heated debates between attorney John E. Deaton and Charles Gasparino regarding Ripple vs US SEC lawsuit and XRP. In response to Gasparino’s latest tweet attacking Judge Torres’ decision, Deaton said, “Some of the same people behind the ‘attack the judge’ story were the ones who attacked me prior to the ruling.”
Deaton in a long Twitter wire on July 24, he slammed those who attacked him for supporting Ripple and XRP. Despite being an early Bitcoin and Ethereum hodler, he had been attacked by Bitcoin and Ethereum Maxis and supporters who called him a conspiracy theorist and “shitcoin lawyer”. Deaton says his investment in BTC and ETH is many times greater than in XRP.
“SEC threatened me and requested me to get off the case! The Maxis ignored the gross government outreach as they disliked Ripple and its executives and sincerely believed that XRP was a shitcoin because it was pre-mined and the founders gifted themselves 20% of the 100 billion XRP.
Deaton believes the SEC was wrong from the start and senior SEC officials violated their powers. He claims that new buyers bought XRP because it was a top 3 coin and cheap. In fact, most investors were completely unaware of Ripple and saw the use case in a transaction being completed in 3-5 seconds, compared to 10 minutes with Bitcoin and much cheaper than ETH. Developer Jaskaran Kambo went on to develop the SpendTheBits payment platform to handle BTC transactions in 3-5 seconds.
He claims that Judge Torres’ decision is 100 percent correct, as Howey Test does not take into account investors’ level of sophistication. SEC failed to meet the 3rd Howey factor and Judge Torres did not even mention the joint venture factor.
“By law: XRP holders are not in a joint venture with Ripple or each other. Some holders lend their XRP, others don’t. So some holders, who choose to stake/loan or put up their XRP as collateral, benefit financially, while Ripple or other XRP holders do not.
Meanwhile, the XRP community thinks Charles Gasparino is using the community to gain attention and his arguments are baseless.
Also Read: Coinbase CLO, XRP Lawyers Respond as SEC Denies Torres Doctrine
SEC Objection To Ripple Ruling Does Not Affect XRP
Deaton also argues that even if the US SEC appeals Judge Torres’ ruling, it will not be a setback for XRP. He explained that a decision on the appeal could take up to two years and that until then the summary judgment would prevail under the law.
XRP price is currently trading at $0.72, down 1% in the past 24 hours and 3% in a week. The 24-hour low and high are at $0.72 and $0.75, respectively. However, analysts are predicting an upcoming rally in XRP price.
Also Read: ChatGPT Founder Sam Altman Launches “Worldcoin” Crypto
Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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