John Deaton Says it’s Impossible for Judge Torres’ Ruling to be Appealed

The post John Deaton Says it’s Impossible for Judge Torres’ Ruling to be Appealed appeared first on Coinpedia Fintech News

The courtroom buzz is palpable following District Judge Analisa Torres’ significant verdict in the SEC v. Ripple case. Many believed her ruling would be the dawn of clarity in the crypto sector. But instead, her decision has stirred the waters of legal discourse with legal experts voicing strong opinions on the matter.

The XRP Ruling Will NOT be Overturned

In her groundbreaking decision, Judge Torres determined that Ripple’s previous institutional sales were investment contracts. However, she simultaneously clarified that the sales of the programmatic on digital platforms did not fall under securities, therefore XRP is not a security.

This mixed judgment has led to an undercurrent of chatter suggesting potential overturned by higher courts if SEC were to appeal the ruling. Renowned cryptocurrency attorney and staunch XRP supporter, John Deaton, doesn’t share the widely speculated view.

Speaking in a Twitter Space hosted by Uphold cryptocurrency exchange, Deaton highlighted Judge Torres’ impeccable track record. Emphasizing her depth and precision, he pointed out that none of her summary judgments have faced reversal upon appeal.

Nothing less then the facts, Judge Torre's has never been reserved on summary judgment. Listen here!#XRP pic.twitter.com/V4OmfGCNI9

— RIZ.XRP (@RizXRP) August 8, 2023

He went on to explain her application of the Howey Test to every XRP sale under the SEC’s scanner. This meticulous process, according to Deaton, is the crux of her verdict’s strength. 

Drawing from this confidence, he even repeated that he is ready to bet a huge amount of money on the vouch that the Second Circuit will not meddle with Judge Torres’ ruling.

Contrasting Opinions

But, as with every legal quandary, multiple perspectives exist. Not everyone seems to revere Judge Torres’ discernment, especially when drawing parallels with a separate SEC legal battle against Terraform Labs and its former CEO, Do Kwon.

Despite the latter’s efforts to leverage the Ripple case’s findings, Judge Jed Rakoff disapproved of Torres’ approach, suggesting that the Howey Test doesn’t differentiate between types of buyers.

However, Deaton remains undeterred. He swiftly highlighted that Rakoff’s judgments weren’t without their own share of overrules—citing an astonishing 56 instances of reversal by higher courts.