John Deaton has written a critical article on Crypto Law, a U.S. government website, expressing his disapproval of the SEC’s attempt to file an interlocutory appeal. Deaton begins by acknowledging Ripple’s victory against the SEC in July and accuses the SEC of filing the appeal to save face.
The purpose of the interlocutory appeal is for the SEC to challenge Judge Torres’ ruling that the defendants’ XRP sales violated the Howey test. Deaton anticipated that Judge Torres would grant the request, allowing her to explain her reasoning and respond to Judge Jed Rakoff’s comments in the SEC v. Terraform Labs case.
Deaton argues that the SEC’s claim that Torres’ decision could impact other similar cases is weak. He highlights the interconnectedness of crypto cases and how each ruling sets a precedent for future decisions. The outcome of this appeal will have significant implications for both regulators and advocates of decentralized technology.
The ruling by Judge Torres has already set an important precedent by recognizing the potential impact of decentralized technologies on free speech and innovation. As more cases emerge, the crypto industry eagerly awaits further rulings that will shape its future.
Deaton views the SEC’s appeal as a desperate tactic from a regulator who lost the case. He emphasizes the contentious nature of the situation and the wide gap between regulators and proponents of decentralized technology. The outcome of this appeal will have far-reaching consequences for all parties involved.
Hot Take: The Future of Cryptocurrency Regulation
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