XRP
XRP Lawyer Scores Crucial Victory For Ripple And Crypto
Even though the legal battle between Ripple and the U.S. Securities and Exchange Commission was not heard yesterday, Ripple, XRP, and the entire crypto industry won an important partial victory in its fight against the SEC’s overreaching regulation by enforcement, thanks to attorney John E. Deaton.
In yesterday’s appeal hearing, the SEC sought an affirmation from the New Hampshire district court judge issuing a broad, vague injunction against the sale of the LBRY token, in which the token itself becomes a security, bringing secondary market sales under the SEC’s jurisdiction.
This could not only be disastrous for XRP sales on the secondary market but for all cryptocurrencies, except Bitcoin, which has already been declared a non-security by the SEC. In a recent video for Crypto Law TV, Deaton – who is also representing 75,000 XRP holders in the SEC vs. Ripple case – covered what happened in the courtroom.
“We all know that the SEC likes to have maximum law enforcement capabilities available. That’s why we got involved,” he said, further reporting that the judge did a great thing. “He basically looked over to the SEC and said, you agree with him […] Everybody was imagining that … Do you agree with Deaton?”
This showed that the judge was willing to put his November 07, 2022, ruling into proper perspective. At that time, he granted summary judgment in favor of the U.S. Securities and Exchange Commission and classified every sale of the LBC token over a six-year period as an investment contract without detailing the nature of the transactions.
This opened a door for the SEC to move closer to its goal of getting legitimacy through ruling to get the legitimacy of regulatory oversight of the secondary market as well. Yesterday, however, the judge made it clear that the ruling was being misinterpreted by the SEC.
This opened a door for the SEC to move closer to its goal of getting legitimacy through ruling to get the legitimacy of regulatory oversight of the secondary market as well. Yesterday, however, the judge made it clear that the ruling was being misinterpreted by the SEC.
LBRY Hearing: The Stakes for ALL Crypto https://t.co/YPbrBkw0Od
— CryptoLaw (@CryptoLawUS) January 30, 2023
At press time, the XRP price stood at $0.3955, down 3.8% in the last 24 hours. With this, XRP is following the general sentiment in what is likely to be a risk-off move ahead of tomorrow’s FOMC meeting.
Featured image from Gr Stocks / Unsplash, Chart from TradingView.com
