Crypto Lawyers Absolve Judge Torres of Blame in the XRP Ruling

  • FOX journalist’s tweet on the SEC vs. Ripple XRP ruling ignites Twitter debate.
  • Top crypto figures clarify XRP secondary sales.
  • John Deaton absolves the judge, citing Congress and SEC for inconsistencies.

The recent SEC vs. Ripple XRP ruling continues to stir discussions among experts in the crypto community. Charles Gasparino, FOX Business Senior Correspondent, sparked a Twitter debate when he suggested that the ruling was not Judge Torres’ first “trip to crazy town.”

Prominent crypto figures, including John Deaton, Bill Morgan, and Dave Weisberger, CEO of CoinRoutes, contested Gasparino’s legal Analysis.

Weisberger contended that while XRP used to fund Ripple directly could be considered an investment contract, secondary trades on anonymous exchanges could not. He likened the latter to sales of oranges rather than the entire groves under Howey.

Joining the conversation, pro-XRP lawyer John Deaton offered an insightful response, acknowledging that applying Howey factors in the ruling may yield inconsistencies with policy considerations of the 1934 Securities Act, particularly concerning hedge fund investors versus retail investors.

According to Deaton, using a 1946 legal test in the context of modern-day blockchain technology creates complexities in applying securities laws. The pro-XRP lawyer highlighted the need for legislative reforms to address the unique challenges posed by the crypto industry.

Consequently, Deaton absolved Judge Torres of blame, asserting that the fault lies with Congress and the Securities and Exchange Commission (SEC).

Fellow pro-XRP lawyer Bill Morgan supported Deaton’s perspective, emphasizing the relevance of his insights, which SEC supporters seemed to overlook. Morgan argued that presenting a broad case involving an eight-year offering without distinguishing between different sales types is expected to lead to unexpected outcomes, as in the SEC vs. Ripple case.

The US court recently ruled in favor of Ripple that XRP is not a security, with proponents of the US regulator arguing the judge erred in the decision.

Comments

Post a Comment

Popular posts from this blog

Quant Pauses Over $115, But Tends To Move In A Range

Image
Jan 06, 2024 at 10:09 // Price Author Coin Idol The price of Quant (QNT) is falling after hitting the $150 resistance level twice. Price Analysis by Coinidol.com. Long-term Quant price prediction: ranging This will be the second rejection of the altcoin at its current high. QNT could reach its high of $230 if the current resistance is broken. The cryptocurrency value will be pushed back to its previous highs by buying after a previous decline. The current value of the coin is $120 at the time of writing. The current decline could go below the moving average lines,
Read more

Singapore Teams Up With Japan, Swiss, UK Bodies on Crypto Regulation

The Monetary Authority of Singapore (MAS) announced it has partnered with regulators in Japan, Switzerland, and the UK. The MAS said the policymaker group will work to advance digital asset innovation and regulation discussions.  The regulator said the partnership is necessary as its digital asset pilot programs grow in scale and sophistication. The Monetary Authority of Singapore (MAS) announced on October 30 that it has partnered with authorities in Japan, Switzerland, and the United Kingdom to foster digital asset innovation and adoption. Indeed, the MAS, in its statement, said it will work hand in hand with the Financial Services Agency (FSA) of Japan, the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA). Per the announcement, the bodies will advance discussions around digital asset growth, risks, and regulation.  The MAS said the partnership would help it advance pilot programs for digit
Read more

Netflix’s Bitconned Exposes Crypto’s Dark Side, Unveils Centra Tech’s Scheme

Netflix documentary “Bitconned” unveils details of a crypto scam orchestrated by Centra Tech. The documentary highlights risks in the unregulated crypto space, emphasizing deceptive projects. Centra Tech, the subject of the new film, is one of several high-profile crypto scams in recent years. In the recent documentary release from Netflix titled “Bitconned,” viewers are presented with a comprehensive exploration of the nefarious world of crypto, unraveling a tale of deception, fraud, and the ominous rise of dubious crypto ventures. Centra Tech, the subject of the new film, is one of several high-profile crypto scams in recent years. Touted as a revolutionary force in the crypto landscape, Centra Tech, was, in reality, a house of cards built on deceit.  The documentary uncovers the mechanics behind the scenes, showing how Centra Tech managed to rake in millions of dollars daily. Ray Trapani, along with co-founders Sohrab Sharma and Robert Farkas, embarke
Read more