Crypto Lawyer Says SEC Will Lose Appeal on Ripple Case Amid Latest Filing

John Deaton predicts the SEC will lose even if it appeals the ruling that XRP is not a security.
SEC filed a document saying that it is considering filing an appeal regarding the SEC vs Ripple ruling.
The price of XRP is still bullish at $0.77 despite rumors of another legal battle for Ripple.

John Deaton, one of XRP community’s most outspoken legal champions, did not mince his words when talking about SEC’s possible court appeal about XRP’s status as a non-security floated on social media today.

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Deaton predicts that the SEC will “lose on appeal if they appeal it.”

Talks about the SEC’s possible attempt to take the case to the US Court of Appeals floated today after the securities regulator filed a pleading discussing the recently-concluded Ripple vs SEC case. In the document, SEC said it is “considering the various available avenues for further review and intends to recommend that the SEC seek such review.”

The said document is related to the ongoing lawsuit between the SEC and the defunct Terraform Labs, which includes its infamous founder Do Kwon.

However, many in the crypto community are confident that the XRP ruling is deemed final. In fact, the price of XRP remains bullish at $0.77 despite the outbreak of the rumors. In contrast, XRP sharply fell from $0.60 to $0.20 when the SEC initially filed the lawsuit against Ripple.

In fact, individuals and some governments are already recognizing the regulatory clarity for XRP and are adopting the said cryptocurrency. For instance, Japanese financial giant SBI Holdings is aggressively promoting XRP to the Japanese people. SBI recently launched a campaign to boost the adoption of XRP among the Japanese for trading and payments.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.