Key Implications of Ripple vs SEC Ruling Explored by Pro-XRP Attorney

Pro-XRP lawyer Bill Morgan has provided a comprehensive breakdown of the latest legal developments in the ongoing Ripple vs. SEC case. This follows Judge Jed Rakoff’s recent decision to deny the use of Judge Torres’s previous ruling to dismiss the SEC lawsuit.

In response to a tweet from Bill Morgan, John E Deaton, the founder of CryptolawUS, shared his perspective on the ongoing discussion. Morgan, a prominent pro-XRP lawyer, took to Twitter to delve into the complexity of Judge Torres’s ruling in the Ripple vs. SEC case.

Morgan analyzed the details of Judge Torres’s decision, focusing on the underlying principles and considerations. He raised questions about the potential source of error, stating that it was the SEC itself that categorized the three types of XRP sales, not the judge. The categories were established due to significant differences in critical aspects between the sales types.

The lawyer highlighted that Judge Torres’s approach was based on efficiency and fairness. The judge analyzed each category based on the distinct parameters advocated by the SEC, referring to authoritative sources such as the Marine Bank case. Judge Torres evaluated each transaction within its specific context and intentions.

Morgan further emphasized that the judge’s evaluation revealed substantial disparities between institutional and programmatic sales. Key differences include contracts between Ripple and institutional buyers versus programmatic buyers who were unaware of Ripple’s role as the seller. The judge also discerned that programmatic buyers’ profit expectations were not solely dependent on Ripple’s actions.

This detailed analysis underscored that the “factual setting as a whole” varied significantly between the sales categories, leading to distinct outcomes for the reasonable investor in each scenario. Morgan concluded that Judge Torres’s reasoning was solid and aligned with the facts presented in the case.

John E Deaton, the founder of CryptolawUS, voiced support for Morgan’s analysis. Deaton praised Morgan’s comprehensive thread and highlighted its excellence in clarifying the nuances of Judge Torres’s approach. Deaton emphasized that Judge Torres did not arbitrarily distinguish between various sales categories but carefully applied the SEC-defined categories to the Howey test.

Deaton expressed confidence in the potential outcome, stating his willingness to speculate significant resources that Judge Torres’s ruling will withstand any appeal. This demonstrates a high level of trust in the integrity and precision of Judge Torres’s legal reasoning.

The dialogue between Morgan and Deaton not only showcases the depth of analysis provided by these experts but also emphasizes the collaborative nature of the cryptocurrency legal community. It is evident that these legal professionals are actively engaging in the ongoing discussion surrounding the Ripple vs. SEC case.