Even if the SEC decides to appeal, it would not significantly affect holders of XRP tokens, according to attorney John Deaton, who is the legal representative of over 75,000 XRP token holders.
Pro-XRP Attorney John Deaton Says SEC Appeal Will Not Affect XRP Holders
This occurs in the wake of persistent reports that an SEC appeal may negatively affect the cryptocurrency market. The judge’s decision to rule that XRP is not a security raises questions about the potential legal repercussions that might occur if the SEC decides to file an appeal. Deaton provides more details about the various options and predicts that it might take up to two years for an appeal judgment to be made, during which time the Summary Judgment will remain in effect.
Deaton’s Statements
The SEC intends to ask for a review of the ruling in the Ripple action the SEC announced in its filing on July 21 relating to the case against Terraform Labs CEO Do Kwon. After stating his aim to use the XRP litigation verdict as a precedent to argue that digital assets shouldn’t be categorized as securities, Kwon made this choice.
According to Deaton’s reasoning, the appeal decision might take more than two years to reach, during which time the summary judgment will continue to be the law. When the SEC would start the appeal procedure in response to the decision is still up in the air.
Stuart Alderoty Harshly Criticizes the SEC
Stuart Alderoty, chief legal officer at Ripple, stated that the agency’s authority is restricted to securities in response to the continuing debate over the SEC’s jurisdiction for tokens.
According to him, the SEC shouldn’t be involved in the regulation of a token if it isn’t categorized as a security. Claiming jurisdiction where none is there is essentially a political gambit for political gain that ultimately serves no one and hurts all parties.
1 Comment