John Deaton Supports Judge Torres’ Decision in Ripple vs. SEC Case
John Deaton, the legal representative of XRP holders in the Ripple vs. SEC lawsuit, has defended Judge Analisa Torres against critics who claim her recent decision was inconsistent with the 1934 Securities Act. Deaton took to Twitter to explain why Judge Torres’ ruling was correct.
Main Points:
- Many first-time XRP buyers acquired the cryptocurrency for non-investment purposes, unaware of Ripple’s existence or its ownership of XRP.
- First-time buyers were attracted to XRP because of its fast transaction speed and low cost compared to Bitcoin and Ethereum.
- The SEC failed to establish the common enterprise factor required by the Howey test, as XRP holders are not in a common enterprise with each other or Ripple.
- Deaton argued that the SEC would need more than luck to reverse Judge Torres’ ruling.
Hot Take:
John Deaton firmly supports Judge Analisa Torres’ decision in the Ripple vs. SEC case, emphasizing that the law was applied correctly. He dismisses the criticism and asserts that the SEC would face significant challenges in reversing the ruling.
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