Circuit

James

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/ripple-vs-sec-drama-escalates-ny-columnist-takes-on-judges-xrp-ruling-deaton-hits-back/">Ripple Vs SEC Drama Escalates: NY Columnist Takes on Judge’s XRP Ruling, Deaton Hits Back</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>A <a href="https://twitter.com/CGasparino/status/1683104897225441280" rel="noopener noreferrer nofollow">recent column</a> by Charles Gasparino in the New York Post has sparked a heated debate within the cryptocurrency community, particularly among supporters of the digital token XRP. In his piece, Gasparino questioned the rationale behind Judge Analisa Torres’ recent decision concerning XRP and Ripple Labs, the company that utilizes the token.</p> 
<h2 class="wp-block-heading" id="strong-xrp-under-scrutiny-strong"><strong>XRP Under Scrutiny</strong></h2> 
<p>The issue centers around the ruling of the lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple. The SEC claims that XRP is a security, and thus falls under its regulatory jurisdiction. Ripple, on the other hand, argues that XRP is a currency, not a security, and should be treated as such.</p> 
<p>The case was handed to Judge Torres who found, contrary to the SEC’s claims, that XRP does not fall under the classification of a security. For many, this has presented a new paradigm in which cryptocurrency regulation is not solely within the purview of the SEC.</p> 
<h2 class="wp-block-heading" id="strong-a-voice-from-the-crypto-trenches-strong"><strong>A Voice from the Crypto Trenches</strong></h2> 
<p>Attorney John Deaton, the founder of CryptolawUS, took to Twitter to voice his support for Judge Torres’ decision and discuss his own legal battles with the SEC regarding its handling of cryptocurrencies, particularly XRP. Deaton criticized the tribalism and echo chamber politics surrounding the case and called out the SEC for its seemingly inconsistent treatment of different cryptocurrencies.</p> 
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   <p lang="en" dir="ltr">She’s had 29 cases reviewed by 2nd Circuit where she was the sitting Judge. Six of the 29 were remanded, in part. The six out of 29 that involved some level of Remand, ALL six involved the following issues:<br><br>standing, application of judicial estoppel, diversity jurisdiction…</p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1683326960762785792?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 24, 2023</a> 
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<p>According to Deaton, the SEC had been inconsistent in its approach to regulating cryptocurrencies, pointing out that the commission had previously given Ethereum, another popular cryptocurrency, a regulatory free pass, whilst heavily scrutinizing XRP.</p> 
<p>Deaton applauded Judge Torres’ ruling, stating that she made the correct decision, despite criticisms claiming the decision contradicts the policy considerations behind the 1934 Securities Act. He lauds the judge’s track record, asserting that the SEC will need “more than luck” to overturn her decision on appeal.</p> 
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 <p><em>“When I sued SEC over its grossly over broad claims regarding #XRP, #Bitcoin Maxis called me the ShitCoin Attorney. It didn’t matter that my investment in #BTC was TEN TIMES larger than my investment in #XRP. It didn’t matter that I likely owned more #BTC than 90% of the Maxi’s.” John Deaton</em></p> 
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<p><em>Also Read – </em><a href="https://coinpedia.org/news/ripple-news-what-xrp-holders-need-to-know-about-potential-sec-appeal/" rel="noopener noreferrer nofollow"><em>Ripple News: What XRP Holders Need to Know About Potential SEC Appeal</em></a></p> 
<h2 class="wp-block-heading" id="h-a-call-to-defend-the-judiciary"><strong>A Call to Defend the Judiciary</strong></h2> 
<p>Meanwhile, James A. Murphy, a lawyer and founder of Metalawman, responded to Gasparino’s column on Twitter, asserting that the criticisms leveled against Judge Torres were both ill-informed and misleading. He emphasized the distinction between stocks and cryptocurrency tokens, a nuance he believes Gasparino missed, and backed Judge Torres’ ruling.</p> 
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   <p lang="en" dir="ltr">This <a href="https://twitter.com/CGasparino?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CGasparino</a> column is a great example of why I oppose censorship.<br><br>I believe everyone should be able to read Gasparino's ill-informed and nonsensical column attacking Judge Analisa Torres' decision in the Ripple case.<br><br>Gasparino calls the Harvard educated Judge Torres… <a href="https://t.co/ydm6Gt5cSP" rel="noopener noreferrer nofollow">https://t.co/ydm6Gt5cSP</a></p>— MetaLawMan (@MetaLawMan) <a href="https://twitter.com/MetaLawMan/status/1683113313952051200?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2023</a> 
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 <p><em>“It is the responsibility of lawyers and the American Bar Association&nbsp; to respond forcefully when defamations are launched against the judiciary.” James A Murphy</em></p> 
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Ripple Vs SEC Drama Escalates: NY Columnist Takes on Judge’s XRP Ruling, Deaton Hits Back

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