New York Columnist Challenges Judge’s XRP Ruling as Ripple Vs SEC Conflict Intensifies, Deaton Responds

A recent column in the New York Post has sparked a heated debate within the cryptocurrency community, specifically among supporters of XRP. The column, written by Charles Gasparino, questions Judge Analisa Torres’ decision regarding XRP and Ripple Labs.

The issue at hand revolves around the lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple, claiming that XRP is a security and falls under its regulatory jurisdiction. Ripple argues that XRP is a currency and should be treated as such. Judge Torres ruled that XRP does not fall under the classification of a security, which has presented a new paradigm in cryptocurrency regulation.

Attorney John Deaton, the founder of CryptolawUS, voiced his support for Judge Torres’ decision on Twitter. He criticized the tribalism and echo chamber politics surrounding the case and called out the SEC for its inconsistent treatment of different cryptocurrencies. Deaton pointed out that the SEC had given Ethereum a regulatory free pass while heavily scrutinizing XRP.

Deaton applauded Judge Torres’ ruling, stating that she made the correct decision despite criticisms that it contradicts the policy considerations behind the 1934 Securities Act. He praised her track record and asserted that the SEC will need more than luck to overturn her decision on appeal.

James A. Murphy, a lawyer and founder of Metalawman, responded to Gasparino’s column on Twitter. He argued that the criticisms against Judge Torres were ill-informed and misleading. Murphy emphasized the distinction between stocks and cryptocurrency tokens, a nuance he believes Gasparino missed, and supported Judge Torres’ ruling.

Murphy also called for lawyers and the American Bar Association to respond forcefully to defamation launched against the judiciary. He believes it is their responsibility to defend the judiciary.

The debate surrounding Judge Torres’ decision highlights the ongoing discussions and disagreements within the cryptocurrency community regarding the classification and regulation of digital tokens. The outcome of this case could potentially have far-reaching implications for the future of cryptocurrency regulation in the United States.

Disclaimer: The information presented here does not constitute financial advice or investment recommendations. Always do your own research before investing in cryptocurrencies.