Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Popular XRP advocate and notable attorney John Deaton recently predicted a comfortable appeal victory by Ripple against the United States Securities and Exchange Commission (SEC). The Managing Partner of \u2018The Deaton Law Firm\u2019 says he is willing to bet big on the exchange emerging victorious on appeal. Founded Belief Or Mere Speculation? John Deaton\u2019s willingness to bet on an uncertain court judgment follows a recent thread penned by digital asset enthusiast and Australian-based lawyer Bill Morgan. According to the thread, Judge Analisa Torres did not err in her summary judgment decision.\u00a0 Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF Morgan was of the opinion that the Securities and Exchange Commission (SEC) classified sales of XRP by Ripple into three unique classes; institutional sales, programmatic sales, and other XRP distributions. Following the classification, Judge Torres evaluated each class by applying the popular Howey test.\u00a0 After evaluation, the Judge discovered major differences in each class. For instance, the Judge discovered that every institutional investor signed agreements with Ripple and expected to earn profits from the firm\u2019s activities.\u00a0 While institutional investors entered contracts with Ripple, programmatic sales on exchanges did not require the signing of contracts, and purchasers, therefore, did not expect to make profits directly from Ripple\u2019s efforts.\u00a0 Therefore, according to Morgan, Judge Torres ruled that the sale of XRP to institutional investors amounted to a sale of securities, while that of programmatic sales on virtual exchanges was not.\u00a0 XRP price still sitting at $0.62 as community awaits SEC appeal | Source: XRPUSD on Tradingview.com Deaton Ready To Go All In For Ripple Reacting to the thread, John Deaton commended Bill Morgan and noted that Judge Torres did not differentiate between Ripple\u2019s XRP sales merely out of \u201cthin air.\u201d He stated that the Judge considered each sale the SEC alleges as securities \u201cand applied the Howey test.\u201d Therefore, given his confidence in the decision, he was willing to wager \u201csignificant funds that she doesn\u2019t get reversed on appeal.\u201d Related Reading: PayPal\u2019s PYUSD Launch Triggers Calls For Stablecoin Bill While Deaton may have cause to believe in a favorable appeal outcome, recent developments may instigate some doubts in his prediction. Recently, US District Judge Jed Rakoff, who oversees the SEC\u2019s lawsuit against Terraform Labs, rejected the approach used in Judge Torres\u2019s ruling. This creates a certain unpredictability in the outcome of the upcoming SEC appeal.\u00a0 In the interim, SEC\u2019s Chair, Gary Gensler, has suggested that an appeal against the decision in the Ripple lawsuit is under strong consideration. While Gensler\u2019s comment does not expressly guarantee an appeal, however; it indicates that the US SEC has not conceded a partial defeat in the suit.\u00a0 Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546255,"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":[88118,88207,89065,3799,4531],"class_list":["post-546251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-john-deaton","tag-ripple-lawsuit","tag-ripple-sec-appeal","tag-sec","tag-xrp"],"acf":[],"yoast_head":"\n
Pro-XRP Lawyer John Deaton Says He Is Willing To Bet That Ripple Will Win SEC Appeal<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n