John Deaton Supports Judge Torres’ Decision in SEC vs XRP Case
Pro-XRP lawyer John Deaton has expressed his support for Judge Analisa Torres’ decision in the SEC vs XRP case. Deaton, the founder of CryptoLaw, believes that Judge Torres applied the Howey Test correctly to each SEC charge against Ripple before delivering her verdict.
Deaton is Willing to Bet Against the SEC
Deaton’s confidence in Judge Torres’ decision is so strong that he is willing to bet “significant funds” against the SEC. He is willing to wager on the outcome of the SEC’s appeal, believing that Judge Torres will not be reversed.
Judge Jed Rakoff’s Comment Raises Speculation
Judge Jed Rakoff’s comment in another SEC case against Terraform Labs and its founder, Do Kwon, has led to speculation in the crypto community. Rakoff faulted Judge Torres’ reasoning, stating that the Howey Test does not distinguish between buyers. This has caused some to believe that Judge Torres’ decision may be squashed on appeal.
SEC Plans to File an Appeal
The SEC has indicated that it plans to file an appeal against Judge Torres’ decision. This appeal will determine whether Ripple’s XRP token is classified as a security under certain circumstances.
Hot Take: Deaton’s Confidence is Not Shared by All
While John Deaton is confident in Judge Torres’ decision and is willing to bet against the SEC, there is still uncertainty in the crypto community. The outcome of the appeal will have significant implications for the future of Ripple and the classification of cryptocurrencies as securities.
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