Crypto Lawyer John E. Deaton Responds to Claim That SEC Appeal Would Be Setback for XRP
Crypto lawyer John E. Deaton has refuted the claim that an appeal from the U.S. Securities and Exchange Commission (SEC) in the Ripple Labs case would be a setback for XRP. According to Deaton, an appeal is not a setback, and it would take at least two years before a decision is issued by the 2nd Circuit if an appeal is made.
Main Breakdowns:
- An appeal from the SEC in the Ripple Labs case is not a setback for XRP, according to crypto lawyer John E. Deaton.
- It would take approximately two years for a decision to be issued by the 2nd Circuit if the case is appealed.
- The Torres Decision is currently the law in the 2nd Circuit.
- The SEC is expected to appeal last week’s split decision in the Ripple Labs case.
- Deaton believes that even if the 2nd Circuit disagrees with Torres’ application of the 3rd Howey factor, the outcome could still be the same.
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The SEC lawyers argued in a filing to Judge Jed Rakoff that the portions of Ripple’s decision were wrongly decided and should not be followed. The portion likely to be appealed is the one that determined that certain sales of XRP did not meet the criteria of a securities offering. Deaton emphasized that even if the 2nd Circuit disagrees with Torres on one factor, it doesn’t guarantee a win for the SEC.
Hot Take:
John E. Deaton’s response to the claim that an appeal in the Ripple Labs case would be a setback for XRP provides valuable insight. His argument that an appeal is not a setback and the timing of a decision adds clarity to the situation. Additionally, his analysis of the potential outcomes of an appeal highlights the significance of the recent win for XRP, XRP holders, and Ripple.
