As a seasoned researcher with extensive experience in the cryptocurrency and legal landscape, I find myself closely following the developments in the Ripple Labs lawsuit against the U.S. Securities and Exchange Commission (SEC). Having delved deep into this case for several years now, I share John Deaton’s perspective on the matter.
By October 7th, it appears that the opportunity to appeal the Ripple Labs lawsuit filed by the U.S. Securities and Exchange Commission (SEC) will likely pass, according to many legal experts such as John Deaton. Consequently, these specialists have offered their insights on what we might see from the regulatory body in the near future.
SEC appeal not good move
As per Deaton’s perspective, challenging the secondary aspect of the decision could prove to be pointless. He expressed his viewpoint as a legal counsel for XRP holders who have direct involvement in the case. In his opinion, Judge Analisa Torres was quite strategic when she decided that XRP traded on secondary platforms does not equate to an unregistered security.
Deaton stated that if the SEC challenges this part of the decision, the appeals court might not find that Judge Torres made an error when applying the third part of the Howey Test. As he clarified, Judge Torres did not base his ruling on expert testimony regarding XRP holders. In essence, according to Judge Torres, the securities regulator failed to present a convincing argument for establishing a common enterprise – which is crucial for the Howey Test to be valid.
In the Ripple case, the absence of certain facts in the regulator’s decision could potentially work against them.
It was suggested that if the SEC decides to appeal, there’s a possibility that the appellate court could remand the case to Judge Torres again, who might continue to rule in support of Ripple.
US SEC’s lenient leanings
Despite ongoing regulatory ambiguity about the cryptocurrency sector in the U.S., noticeable advancements are being made. For instance, the Securities and Exchange Commission (SEC) has recently shifted away from labeling “crypto assets” as a term for use in court cases.
In the Ripple v. SEC lawsuit, both parties emerged victorious with a partial decision. The regulatory body managed to collect a $125 million penalty from Ripple, following Judge Torres’ ruling, due to Ripple’s sale of XRP to institutional investors, but Ripple was also granted the right to proceed with its claim that the SEC provided misleading guidance on whether XRP sales required registration.
As the election season draws near, it’s unclear whether the Securities and Exchange Commission (SEC) will choose to portray the current administration negatively, considering the high stakes involved.
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2024-09-27 15:46