XRP attorney John Deaton said that the SEC’s appeal will not change anything for XRP investors.
The cryptocurrency industry continues to interpret the results of the XRP case in the past weeks. Along with that came the comment from the XRP lawyer about the SEC’s appeal.
XRP lawyer John Deaton: SEC appeal won’t change anything
XRP attorney John Deaton has made it clear that a possible appeal by the SEC will not adversely affect XRP holders. The judge’s decision in the Ripple case contains a clear provision that the programmatic sale of XRP tokens on exchanges does not classify them as securities. Therefore, even if the SEC objects to this decision, the fact that XRP is not classified as a security will prevail.
Stuart Alderoty, Ripple’s chief legal officer, stated that in response to the controversy over the SEC’s authority over tokens, a securities agency’s jurisdiction is limited to securities. If a token is not classified as a security, the SEC has no role in its regulation.
An appeal is not even close to be a setback. First, it will be two years from now before a decision is issued by the 2nd Circuit, if it’s appealed. The Torres Decision is the law until then – at least in the 2nd Circuit. Second, even if the 2nd Circuit said Torres was wrong… https://t.co/GzW31D9edQ
— John E Deaton (@JohnEDeaton1) July 22, 2023
Judge Torres’ decision clarified that retail sales of XRP are not classified as securities. It can provide flexibility in exploring the SEC’s settlement terms regarding institutional sales of XRP. This, in turn, can lead to potential discussions and negotiations between interested parties when examining the regulatory status of XRP. However, Deaton and the Ripple team emphasize that XRP is not classified as a security and the SEC’s appeal process will significantly reduce its impact on XRP.
A securities agency only has jurisdiction over securities. No security, no role for the SEC.
Pretending to have jurisdiction when there is none, is simply a political power play. It helps no one; it hurts everyone. https://t.co/OhNSaDuJ26
— Stuart Alderoty (@s_alderoty) July 22, 2023
