Lawyer Deaton Weighs in on Ripple vs SEC: A Legal Chess Game

July 13, 2023 at 08:44 AM GST 2 mins read News

The ongoing legal battle between the SEC and Ripple continues to heat up, drawing global attention.
Lawyer John E Deaton’s recent Twitter post highlights the SEC’s overreach in enforcing securities law.
The crypto community continues to display varied opinions on the SEC’s actions, impacting Ripple’s future.

The legal skirmish between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs is reaching new heights. The latest development in this saga comes from lawyer John E Deaton, who recently took to Twitter to express his views on the SEC’s enforcement of securities law.

The SEC does have the authority to enforce securities law. But enforcing existing laws and attempting to expand Howey to cover assets in the secondary market is something different. An interesting issue is in Florida. The SEC issued a subpoena to someone over the Let’s Go Brandon…

— John E Deaton (@JohnEDeaton1) July 13, 2023

In his tweet, Deaton argued that while the SEC does have the authority to enforce securities law, its attempt to expand the Howey Test to cover assets in the secondary market is a different matter. He highlighted an ongoing issue in Florida, where the SEC issued a subpoena to an individual over the ‘Let’s Go Brandon’ meme coin. The individual has moved to quash the subpoena on jurisdictional grounds, claiming that the meme coin is not a security.

This statement by Deaton is part of a Twitter thread started by lawyer and crypto enthusiast Bill Morgan. The thread has sparked a flurry of discussions within the crypto community, with opinions varying widely on the SEC’s actions.

Given what the judge said in footnote 2, and I know he had oral hearings on the SJ motion in theSEC v LBRY as he says in the footnote and judge Torres didn’t, but why can’t Ripple raise the Major Questions Doctrine before judge Torres decides. https://t.co/30cxRJCKFS
— bill morgan (@Belisarius2020) July 12, 2023

The SEC’s legal battle with Ripple is a landmark case in the crypto world, with potential far-reaching implications for crypto regulations. As the case continues to unfold, the crypto community eagerly awaits the outcome and its impact on Ripple and the broader crypto market.

Looking ahead, the future of Ripple in the crypto space appears promising. Despite the ongoing legal battle, Ripple continues to make strides in the market. As for its future trading price, while market predictions should always be taken cautiously, the current momentum indicates potential for further price appreciation.

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