Ripple vs. SEC: Attorney John Deaton and the XRP community defended Judge Torres’ ruling,XRP pricing in consolidation mode.
Judge Analisa Torres’ summary judgment verdict in US Securities and Exchange Commission v. Ripple Labs is a landmark decision by both the crypto and legal communities. Pro-XRP attorneys and the community defend the “Torres Doctrine” decision against unjust criticism from the US SEC and individuals like FOX Business correspondent Charles Gasparino.
Attorney And The XRP Community In Support Of Judge Torres
Regarding the Ripple vs. US SEC lawsuit and XRP, John E. Deaton and Charles Gasparino have engaged in acrimonious debates. In response to Gasparino’s latest tweet criticizing Judge Torres’ decision, Deaton stated, “Some of the same people behind the ‘attack the judge’ narrative attacked me before the ruling.”
In a lengthy thread on Twitter on July 24, Deaton criticized those who assaulted him for supporting Ripple and XRP. Despite being an early Bitcoin and Ethereum investor, he was assailed by Bitcoin and Ethereum Maxis and their supporters, who referred to him as a conspiracy theorist and “shitcoin attorney.” Deaton claims that his BTC and ETH holdings dwarf his XRP holdings.
“SEC threatened me and requested I be thrown off the case! The Maxis ignored the gross government overreach because they disliked Ripple and its executives and sincerely believed XRP was a shitcoin because it was pre-mined and the founders had gifted themselves 20% of the 100 billion XRP.”
Deaton believes that the SEC has been incorrect from the beginning and that senior SEC officials have abused their authority. He contends that first-time buyers purchased XRP because it was a cheap top-three coin.
Most investors were unaware of Ripple and saw the use case in a transaction resolved within 3-5 seconds, compared to 10 minutes with Bitcoin and significantly less expensive than ETH. SpendTheBits was created by developer Jaskaran Kambo to resolve Bitcoin transactions in 3-5 seconds.
He asserts that Judge Torres’ decision is 100 percent correct because the Howey Test disregards the sophistication of investors. SEC failed to meet the third Howey requirement, and Judge Torres should have mentioned the common enterprise requirement.
“According to the law: XRP holders are not in a common enterprise w/Ripple or each other. Some holders loan out their XRP, while others do not. Thus, some holders, who choose to stake/loan or collateralize their XRP, benefit financially while Ripple or other XRP holders do not.”
The XRP community believes that Charles Gasparino is using the community to obtain attention and that his arguments are without merit.
The SEC’s Appeal of the Ripple Decision on XRP
Deaton also argues that XRP will not suffer a setback if the US SEC appeals Judge Torres’ ruling. He explained that a decision on the appeal could take up to two years, and until then, the Summary Judgment will be the law.
The XRP price is $0.72, down 1% in the last 24 hours and 3% in the previous week. The low and high for the past 24 hours are $0.72 and $0.75, respectively. Analysts forecast an impending price increase for XRP.
