- Judge Torres ruled that Ripple’s institutional sales are contracts; programmatic sales are not securities.
- Many legal experts disagree with the decision; speculation grows about an appeal reversal.
- Attorney John Deaton is confident that the decision will remain untouched on appeal.
In a momentous decision that has sent ripples through the cryptocurrency community, US District Judge Analisa Torres ruled in favor of Ripple in the SEC lawsuit. She determined that the company’s institutional past sales were investment contracts but concluded that programmatic sales on digital exchanges were not securities.
The ruling has sparked debates among legal experts, with some like US District Judge Jed Rakoff challenging the decision. Despite speculation that the Second Circuit will reverse it, Crypto-Law founder John Deaton is extremely confident that the summary judgment will stand.
In a recent conversation hosted by Uphold cryptocurrency exchange, Deaton emphasized Judge Torres’ unblemished record on appeal. He asserted that the judge applied the Howey test to the XRP sales, handling each category appropriately.
Deaton’s confidence extends to the point where he is willing to wager that the Second Circuit will not interfere with the judgment. He defended Torres, saying, “All she did was apply that law to those different types of sales, and the results are the results.”
Ripple’s recent victory marks a significant milestone in its ongoing evolution and establishes a precedent that may impact other cryptocurrencies.
This legal triumph not only fortifies Ripple’s position but also instills confidence in XRP’s future. The ruling underscores the legitimacy of the digital asset and paves the way for continued growth and innovation in the crypto space.
