John Deaton, the lawyer representing over 75,000 XRP holders in the Ripple-SEC lawsuit, has boldly stated that the SEC will lose if it chooses to appeal the groundbreaking victory that classified XRP as a digital asset.
As recently reported by TimesTabloid, the United States Securities and Exchange Commission (SEC) has showcased its interest in appealing the judgment pronounced by Judge Analisa Torres over the security status of XRP.
Recall that on the 13th of July, Analisa Torres, the Judge of the United States District Court for the Southern District of New York, ruled that only Ripple’s XRP sales to institutional investors can be classified as an investment contract under Howey.
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SEC: Judge’s Verdict Is Wrong
A few hours ago, the SEC made its discontentment over the lawsuit public via a statement shared on Twitter by James K. Filan, a defense lawyer, and former federal prosecutor.
According to the regulator, it was wrong for the judge to rule in favor of Ripple and XRP. It says that its legal team is reviewing the judgment, which is an indication that an appeal could be underway.
The SEC also claimed that the ruling has boosted the hope of other defendants currently fighting in similar cases such as Do Kwon and Terraform Labs.
John Deaton: SEC Will Lose Appeal
John Deaton, the outspoken pro-XRP lawyer, recently took to Twitter to confidently state that the SEC will lose once again if it appeals the case.
In response to James K. Filan’s tweet, Deaton said he had long predicted that the SEC would lose on secondary market sales and the sales of the digital asset on exchanges.
“I predicted long before the ruling on CryptoLawUS and on Fox Business that the SEC would lose on secondary market sales on exchanges and I also said Judge Torres would address the Token itself – declaring it is not a security and that it does not represent or embody a security,” John Deaton stated.
The legal expert said the people who disagreed when he made the prediction are those discrediting the judge’s verdict. He said Judge Torres did not consider any other factor other than the Howey test.
In conclusion, he said the securities regulator will fail if it attempts to overturn the ruling with an appeal:
“The same people who disagreed with me are now saying the Judge was wrong (it couldn’t be that they were just wrong). Judge Torres did not weigh any other factor other than applying the Howey test. Hard stop. If she had, then she would have erred. The SEC will lose on appeal – if they appeal it.”
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