{"id":543869,"date":"2023-07-23T10:56:22","date_gmt":"2023-07-23T10:56:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=543869"},"modified":"2024-06-11T07:58:23","modified_gmt":"2024-06-11T07:58:23","slug":"sec-potential-appeal-to-yield-little-effect-on-xrp-crypto-lawyer-says","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/sec-potential-appeal-to-yield-little-effect-on-xrp-crypto-lawyer-says\/","title":{"rendered":"SEC Potential Appeal To Yield Little Effect On XRP, Crypto Lawyer Says"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Prominent Pro-XRP lawyer John E. Deaton has downplayed the potential effects of an appeal by the United States Securities And Exchange Commission (SEC) in its ongoing case against Ripple on the sale of the XRP token as an unregistered security.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/ripple-victory-against-the-sec-may-be-short-lived\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Why Ripple\u2019s Victory Against The SEC May Be Short-Lived: Legal Expert<\/a><\/div>\n<h2><strong>SEC Nudges At Possible Appeal Against Ripple Ruling<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">On July 13, U.S. Judge Analisa Torres of the U.S. District Court for the Southern District of New York <a href=\"https:\/\/bitcoinist.com\/ripple-judge-deems-xrp-sale-non-investment-contract\/\" target=\"_blank\" rel=\"noopener nofollow\">ruled<\/a> that the programmatic sales of XRP did not violate U.S. securities law as the SEC cannot prove retail investors had expected profits from this investment based on the \u201centrepreneurial or managerial efforts of others.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The decision was based on the Howey Test, which states that a contract, transaction, or scheme is an \u201cinvestment contract\u201d and, therefore, a security if it is (1) an investment of money, (2) in a common enterprise, (3) with the expectation of profit (4) to be gained from the effort of others.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For the first time since the ruling, the SEC <a href=\"https:\/\/assets.bwbx.io\/documents\/users\/iqjWHBFdfxIU\/raAgcBtaEU24\/v0\" target=\"_blank\" rel=\"noopener nofollow\">hinted<\/a> on July 21 it might appeal this judgment in one of its petitions in <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-32\" target=\"_blank\" rel=\"noopener nofollow\">another ongoing case<\/a> against Terraform Labs and its co-founder, Do Kwon.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The lawyers of these defendants had earlier <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.594150\/gov.uscourts.nysd.594150.47.0.pdf\" target=\"_blank\" rel=\"noopener nofollow\">filed<\/a> a motion to dismiss the charges against their clients based on the recent Ripple ruling. However, the SEC responded by saying that the ruling which favored Ripple was \u201cwrongly decided,\u201d and the commission could soon explore ways to review this judgment.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">The filing read:<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\"><br \/>\n<\/span><span style=\"font-weight: 400\">Contrary to Defendants\u2019 assertions, much of the Ripple ruling supports the SEC\u2019s claims in this case and rejects arguments Defendants have raised here. However, with respect to the Programmatic and other sales, the SEC respectfully avers that Ripple conflicts with and adds baseless requirements to Howey and its progeny. Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them. SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.\u00a0<\/span><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/how-did-shiba-inu-price-react-to-3-trillion-shib-investor-accumulation\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">How Did Shiba Inu Price React To 3 Trillion SHIB Investor Accumulation?<\/a><\/div>\n<h2><strong>SEC\u2019s Potential Appeal To Be Likely Insignificant &#8211; John Deaton<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In response to if an appeal by the SEC in its case against Ripple would represent a setback for XRP, popular crypto lawyer and XRP supporter Deaton has provided a positive outlook implying that was far from being the case.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/twitter.com\/JohnEDeaton1\/status\/47974659?s=20\" target=\"_blank\" rel=\"noopener nofollow\">According to a tweet on July 22<\/a>, Deaton backed up this claim stating that an appeal by the SEC would first take two years to get a decision from the second circuit. In the U.S. legal system, the courts for the second circuit represent one of the 13 U.S. Courts of Appeal.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, the lawyer stated that assuming the second circuit did determine that application of the third Howey factor was wrong, U.S. Judge Torres would still apply the first two Howey factors and arrive at the same decision.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Deaton <a href=\"https:\/\/twitter.com\/JohnEDeaton1\/status\/81925120?s=20\" target=\"_blank\" rel=\"noopener nofollow\">also stated<\/a> that Torres\u2019s decision was obviously not final within the Southern District Court of New York, and there is the possibility of another district judge having another conclusion.<\/span><\/p>\n<p style=\"text-align: left\"><span style=\"font-weight: 400\">However, he expressed that was unlikely, especially as Judge Torres had made this judgment citing the <a href=\"https:\/\/www.documentcloud.org\/documents\/20074261-final-judgment-approved-june-26\" target=\"_blank\" rel=\"noopener nofollow\">ruling in the popular SEC v. Telegram case<\/a> in which the commission won an injunction to prevent Telegram from distributing GRAMS tokens on the allegations of it being unregistered security.<\/span><\/p>\n<p>At the time of writing, XRP is trading at $0.7404, with a 3.58% gain in the last day based on data from Tradingview.<\/p>\n<pre style=\"text-align: center\"><span style=\"font-weight: 400\">\r\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/fgjR5YuO\/\" alt=\"SEC\" width=\"1480\" height=\"913\">XRP trading at $0.7404 on the daily chart | Source:<a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\"> XRPUSD Chart On Tradingview.com<\/a><\/span><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Leadership News, chart from Tradingview.<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Prominent Pro-XRP lawyer John E. Deaton has downplayed the potential effects of an appeal by the United States Securities And Exchange Commission (SEC) in its ongoing case against Ripple on the sale of the XRP token as an unregistered security.\u00a0 Related Reading: Why Ripple\u2019s Victory Against The SEC May Be Short-Lived: Legal Expert SEC Nudges At Possible Appeal Against Ripple Ruling On July 13, U.S. Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that the programmatic sales of XRP did not violate U.S. securities law as the SEC cannot prove retail investors had expected profits from this investment based on the \u201centrepreneurial or managerial efforts of others.\u201d\u00a0 The decision was based on the Howey Test, which states that a contract, transaction, or scheme is an \u201cinvestment contract\u201d and, therefore, a security if it is (1) an investment of money, (2) in a common enterprise, (3) with the expectation of profit (4) to be gained from the effort of others.\u00a0 For the first time since the ruling, the SEC hinted on July 21 it might appeal this judgment in one of its petitions in another ongoing case against Terraform Labs and its co-founder, Do Kwon. The lawyers of these defendants had earlier filed a motion to dismiss the charges against their clients based on the recent Ripple ruling. However, the SEC responded by saying that the ruling which favored Ripple was \u201cwrongly decided,\u201d and the commission could soon explore ways to review this judgment.\u00a0 The filing read: Contrary to Defendants\u2019 assertions, much of the Ripple ruling supports the SEC\u2019s claims in this case and rejects arguments Defendants have raised here. However, with respect to the Programmatic and other sales, the SEC respectfully avers that Ripple conflicts with and adds baseless requirements to Howey and its progeny. Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them. SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.\u00a0 Related Reading: How Did Shiba Inu Price React To 3 Trillion SHIB Investor Accumulation? SEC\u2019s Potential Appeal To Be Likely Insignificant &#8211; John Deaton In response to if an appeal by the SEC in its case against Ripple would represent a setback for XRP, popular crypto lawyer and XRP supporter Deaton has provided a positive outlook implying that was far from being the case.\u00a0 According to a tweet on July 22, Deaton backed up this claim stating that an appeal by the SEC would first take two years to get a decision from the second circuit. In the U.S. legal system, the courts for the second circuit represent one of the 13 U.S. Courts of Appeal. Furthermore, the lawyer stated that assuming the second circuit did determine that application of the third Howey factor was wrong, U.S. Judge Torres would still apply the first two Howey factors and arrive at the same decision.\u00a0 Deaton also stated that Torres\u2019s decision was obviously not final within the Southern District Court of New York, and there is the possibility of another district judge having another conclusion. However, he expressed that was unlikely, especially as Judge Torres had made this judgment citing the ruling in the popular SEC v. Telegram case in which the commission won an injunction to prevent Telegram from distributing GRAMS tokens on the allegations of it being unregistered security. At the time of writing, XRP is trading at $0.7404, with a 3.58% gain in the last day based on data from Tradingview. XRP trading at $0.7404 on the daily chart | Source: XRPUSD Chart On Tradingview.com Featured image from Leadership News, chart from Tradingview.<\/p>\n","protected":false},"author":581,"featured_media":543870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[88118,3680,3799,4531],"class_list":["post-543869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-john-deaton","tag-ripple","tag-sec","tag-xrp"],"acf":[],"yoast_head":"\n<title>SEC Potential Appeal To Yield Little Effect On XRP, Crypto Lawyer Says<\/title>\n<meta name=\"description\" content=\"Pro-XRP lawyer John E Deaton has downplayed the potential effects of an appeal by the SEC in its case against Ripple.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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