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Ripple v. SEC: XRP Advocate Unveils Explosive Appeal Details

Sun, 07/23/2023 - 12:36
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Gamza Khanzadaev
CryptoLaw's John Deaton shares main secrets in Ripple v. SEC potential appeal
Ripple v. SEC: XRP Advocate Unveils Explosive Appeal Details
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Influential lawyer and legal representative of XRP holders, John Deaton, has unveiled crucial insights into the possibility of appealing the decision in the SEC's case against Ripple. He took to social media to clarify that an appeal does not necessarily mean a setback for crypto proponents.

XRP Lawyer Hints What Might Happen if SEC Gets Appeal in Ripple Case

First of all, the expert explained that Judge Torres' recent ruling will remain in effect for at least two years if an appeal is filed, creating a significant buffer period. Deaton further discussed the impact of a potential appeal outcome. He expressed confidence in the strength of Judge Torres' decision, particularly regarding a legal factor known as the "common enterprise factor."

The XRP holders' lawyer predicted that the chances of the Second Circuit overturning this part of the ruling are slim. This suggests that even if the SEC wins on certain sales made by Ripple on exchanges, it might not secure a full victory in the case.

XRP Holders' Lawyer Predicts What Might End SEC's Plausible Appeal

The possibility of an appeal by the SEC remains uncertain, with experts divided on the matter. Some argue that the commission is unlikely to succeed in an appeal. The others drew attention to a recent case where the SEC asked the court to overlook certain parts of the Ripple decision in a lawsuit against Terraform Labs, citing non-compliance with existing securities laws and Howey test principles. This move was interpreted by many as a signal of the SEC's inclination to pursue an appeal in the Ripple case.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.