Crypto-Law founder Attorney John Deaton is confident that the Second Circuit will not overturn Judge Torres’s ruling in the SEC v. Ripple case. According to Deaton, he would bet against securities lawyers who believe that the ruling will be overturned.
“They were wrong in predicting a complete SEC victory, and they’re wrong now about the Second Circuit and the Supreme Court on appeal,” Deaton said.
Charlie, those same securities lawyers told me I was wasting my time. Some laughed and made fun of me and my writ of mandamus (that I openly acknowledged was “unique” but filed for strategic purposes that played out as I had anticipated) and my motion to intervene and amicus…
— John E Deaton (@JohnEDeaton1) July 15, 2023
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Deaton’s confidence is based on the strength of Judge Torres’ ruling. The judge found that XRP and Ripple’s programmatic sales are not securities. This is a significant victory for Ripple, as it means that the company will not be subject to the same regulatory scrutiny as other securities.
However, Judge Torres also found that Ripple’s past XRP sales to institutional investors constitute securities. This is a partial victory for the SEC, as it means that Ripple could still be held liable for some of its XRP sales.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Despite this partial victory, Deaton believes that the Second Circuit will not overturn Judge Torres’ ruling. He argues that the ruling is well-reasoned and based on sound legal precedent.
“I think the Second Circuit is going to uphold the ruling,” Deaton said. “I think they’re going to see that it’s a well-reasoned ruling, and I think they’re going to agree with the analysis.”
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Deaton’s confidence is shared by some other legal experts. For example, Andrew Hinkes, a law professor at the University of Colorado Law School, said that he believes the Second Circuit is “unlikely” to overturn Judge Torres’ ruling.
“The Second Circuit is generally deferential to district court rulings, and this ruling is well-reasoned and based on sound legal precedent,” Hinkes said.
Of course, it is impossible to say for sure what the Second Circuit will do. However, Deaton’s confidence is based on the strength of the current victory and the fact that the Second Circuit is generally deferential to district court rulings.
Deaton Wins Bet Against Gasparino
In addition to his confidence in the Second Circuit, Deaton is also confident that Ripple will not lose on appeal. This is because Deaton recently won a bet against Fox Business Senior Correspondent Charles Gasparino.
Gasparino had predicted that the judge would rule in the SEC’s favor, while Deaton had predicted that XRP would emerge victorious. The judge ultimately ruled in Deaton’s favor, and Gasparino now owes the pro-XRP lawyer a dinner.
Deaton’s victory over Gasparino is a sign of the growing confidence in the XRP community. As the SEC case continues, it is likely that Deaton will continue to be a vocal advocate for XRP.
Read Also: Ripple CTO David Schwartz Shares Likely Date For XRP Lawsuit Summary Judgment
What Does This Mean for XRP Holders?
The outcome of the SEC v. Ripple case has significant implications for XRP holders. If the Second Circuit overturns Judge Torres’ ruling, it could mean that XRP is considered a security and that Ripple could be held liable for past XRP sales. This would be a major setback for XRP holders.
However, if the Second Circuit upholds Judge Torres’ ruling, it would be a major victory for XRP holders. It would mean that XRP is not a security and that Ripple is not subject to the same regulatory scrutiny as other securities. This would likely lead to an increase in the price of XRP.
The outcome of the SEC v. Ripple case is still uncertain, but it is clear that it has major implications for XRP holders. As the case continues, it will be important to stay tuned for updates.
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