James

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/the-ripple-sec-saga-continues-experts-anticipate-secs-appeal-will-crash-and-burn/">The Ripple-SEC Saga Continues: Experts Anticipate SEC’s Appeal Will Crash and Burn!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a new twist in the SEC vs Ripple case, the SEC appears to be considering an appeal against the landmark ruling that declared Ripple’s XRP token not a security. The recent indication was found in an SEC filing in a different case, SEC vs Terraform Labs/Do Kwon, as revealed by former federal prosecutor and defence lawyer, James K. Filan.</p> 
<p>Renowned defence attorney James K. Filan, a former federal prosecutor, spotlighted the SEC’s latest move in a tweet. The commission discussed Judge Torres’s decision in the Ripple case in its filing, and indicated that the “SEC staff is considering the various available avenues for further review and intends to recommend that the SEC seek such review.”</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/XRPCommunity?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPCommunity</a> <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> In the SEC v. Terraform Labs/Do Kwon case, the SEC has filed a pleading discussing Judge Torres’s decision in SEC v. Ripple in which it states that “SEC staff is considering the various available avenues for further review and intends to recommend that the SEC…</p>— James K. Filan 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1ee-1f1ea.png" alt="🇮🇪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@FilanLaw) <a href="https://twitter.com/FilanLaw/status/1682516173789749248?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 21, 2023</a> 
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<h2 class="wp-block-heading" id="h-legal-experts-predict-sec-s-appeal-would-fail"><strong>Legal Experts Predict SEC’s Appeal Would Fail</strong></h2> 
<p>John Deaton, Lawyer and founder of CryptoLawUS, shared his insights on this development. Echoing his past predictions, Deaton stands by his view that the SEC’s potential appeal on secondary market sales will fall through. He commends Judge Torres for solely applying the Howey test in the judgement, adding, “If she had [considered other factors], then she would have erred.”</p> 
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   <p lang="en" dir="ltr">READ FOOTNOTE 13 PEOPLE:<br><br>“The Court holds only that a common enterprise existed between Ripple and the Institutional Buyers. The Court does not reach the question of whether the common enterprise extends to encompass "other XP holders." Defendants Garlinghouse and Larsen, the… <a href="https://t.co/uQO0q4M6sT" rel="noopener noreferrer nofollow">https://t.co/uQO0q4M6sT</a> <a href="https://t.co/VwX4jyChSf" rel="noopener noreferrer nofollow">pic.twitter.com/VwX4jyChSf</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1682548213407166465?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 22, 2023</a> 
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<h2 class="wp-block-heading" id="strong-the-sec-s-common-enterprise-theory-questioned-strong"><strong>The SEC’s Common Enterprise Theory Questioned</strong></h2> 
<p>Deaton believes that even if the SEC manages a successful appeal, Judge Torres is likely to conclude that the SEC couldn’t prove a common enterprise between Ripple and XRP holders in the secondary market. He further highlights that the SEC flip-flopped on its common enterprise theory thrice during the case, ending up arguing that XRP itself represented the common enterprise, a theory he describes as circular and conclusory.</p> 
<p>In a final jab at the SEC, Deaton stated that the commission’s lawyers sound like “Prima Donna crybabies” until they can point to a Supreme Court case adding a factor to the Howey test requiring judges to consider the sophistication level of investors or ensure the result is consistent with the 1934 Securities Act’s policy considerations.</p> 
<p>With the potential for the SEC to appeal the Ripple case, the legal drama continues, keeping the cryptocurrency community on edge.</p>

The Ripple-SEC Saga Continues: Experts Anticipate SEC’s Appeal Will Crash and Burn!

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