Pro-Ripple lawyer rejected any threat to XRP in the near-term even if the SEC goes ahead with the appeal in the high-stakes legal battle.
Continuing with the war of narratives, Pro-Ripple lawyer John E Deaton ruled out any threat to XRP in the near-term even if the watchdog goes ahead with the appeal.to state that even if the appeal is made now, it will take at least two years for a second-level court to make a decision. Until then, District Court Judge Analisa Torres’ decision will be legally binding on all stakeholders.
The attorney went on to highlight another intriguing scenario. He claimed that even if the judge in a higher court points out flaws in Torres’ application of the third criterion of Howey Test, it still won’t guarantee a win for the SEC. In such an event, Judge Torres could apply the other two criterion to the case which, in Deaton’s view, will be more difficult to satisfy.The Howey test is a legal test used to determine if a transaction could be considered a security. According to the test, a transaction is a security if it is – An investment of money, in a common enterprise, with the expectation of profit, to be derived from the efforts of others.
The recent judgement ruled that sale of XRP to general public was not to be considered as a security as retail buyers could not have known about Ripple’s intentions, thus failing to meet the third factor of the Howey Test.
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