SEC's appeal won't be a setback for XRP holders – Pro XRP lawyer
Amidst speculations that a potential appeal by the US SEC could negatively impact the crypto market, Pro-XRP lawyer, Attorney John Deaton has made it clear that even in the event of an appeal by the agency, it would not significantly affect XRP holders.
After the judge's ruling stating that the programmatic sale of XRP tokens through exchanges does not classify them as securities, a new question emerges regarding the potential legal implications if the SEC decides to appeal against this ruling. Attorney Deaton, who represents more than 75,000 XRP token holders, elaborated on the possible scenarios and intricacies of how the summary judgment would be enforced.
The US SEC stated on July 21, in its filing regarding Terraform Labs CEO Do Kwon's case that it plans to request a review of the decision made in the Ripple lawsuit. This decision came after Kwon expressed his intention to utilize the XRP lawsuit verdict as a precedent to argue that digital assets should not be classified as securities.
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
Deaton's explanation suggests that the appeal decision could extend over two years, during which the Summary Judgment will remain the governing law. As of now, it remains uncertain when the SEC staff will initiate the appeal process in response to the ruling.
In response to the ongoing discussion about the SEC's authority over tokens, Stuart Alderoty, the chief legal officer at Ripple, stated that a securities agency's jurisdiction is limited
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