- CryptoLaw reiterated that the jury trial for Ripple would not shatter Judge Torres’ ruling.
- Judge Torres previously ruled that XRP’s programmatic sale to retail customers does not violate securities law.
- John Deaton firmly believes that the overall existence of Ripple would not be affected by the trial.
CryptoLaw, the crypto regulatory news platform, run by the XRP pro attorney John E Deaton, recently shared a Twitter post, commenting on the jury trial scheduled by the court to oversee the long-held SEC-Ripple legal war.
The Securities and Exchange Commission (SEC) filed a lawsuit against the crypto platform Ripple Labs in 2020, alleging that the company had raised funds through the sale of unregistered securities since 2013. Later, in a court ruling by Judge Analisa Torres, Ripple Labs partially won as the judge concluded that the programmatic sale of Ripple’s XRP tokens to retail investors through exchanges does not violate federal securities law.
Earlier this week, Judge Torres declared the court’s decision to hold a jury trial for Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen. Though the court intends to start the trial between April 1 and June 30, 2024, the prosecutors and defense lawyers are given a deadline of August 2023 for submitting a blackout date for the trial.
Commenting on the matter, CryptoLaw presented “fact checks,” shedding insights on the expectations of the trial. The platform pointed out the three aspects that would be untouched by the trial. According to CryptoLaw’s tweet, the overall existence of Ripple would not be shattered by the trial. Also, the ruling that concluded XRP is not a security would not be rechecked during the trial. In addition, CryptoLaw asserted that the matters of law wouldn’t be affected by the trial as it would only address “one narrow set of facts in dispute.”
While the crypto community raised eyebrows on the prevailing ambiguities regarding the current “pending or waiting” status of XRP, CryptoLaw enlightened the community, asserting that the token is not a security. He stated:
It’s simply a matter of simple facts. The judge ruled on the question of law related to XRP and specific offers and sales by the defendants. This has nothing to do with that.
Deaton always remained confident of XRP’s status as not a security and firmly believes that the trial would not restructure Judge Torres’ ruling. He even commented, “I did say I’m willing to bet a significant sum that she won’t be overturned”.
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