- John Deaton warns about confirmation bias among lawyers after Judge Torres’ ruling that XRP is not a security.
- The critics initially believed in a clean victory for the SEC.
- Doubts are raised about the government’s potential to prolong the legal process.
John Deaton, a prominent pro-XRP lawyer, has raised concerns about confirmation bias prevailing among analysts and legal experts following the recent court decision that XRP is not a security, as had been alleged by the U.S. Securities and Exchange Commission (SEC).
Deaton observed a notable increase in confirmation bias among individuals analyzing the case, including renowned lawyers with diverse perspectives. The critics represent those who initially predicted an absolute victory for the Securities and Exchange Commission (SEC) based on arguments such as the SEC’s unbeaten record in crypto cases. Deaton said these individuals are now predicting that the ruling may be overturned or reversed by the Second Circuit.
On the other hand, individuals who celebrated Judge Torres’ decision, including experienced lawyers, consider it to be appeal-proof. Deaton stressed that an appellate decision on this case is still two to three years away, considering the trial scheduled before the appeal. Until then, according to him, Judge Torres‘ Decision stands as the law of the land.
In response, a US-based Twitter user with the handle George Orwell, expressed astonishment that almost every country recognized XRP as non-security, except the United States. Despite a federal judge ruling adding to the consensus that it is not a security, some skeptics still refuse to accept it.
In a separate conversation, a former US Justice Department prosecutor, Katie Haun, expressed doubts about the likelihood of an appeal in the recent XRP court decision. This led to a response from one Twitter user who suggested that the government will likely use its extensive resources to prolong the lawsuit.
Pro-XRP lawyer Bill Morgan also joined the conversation, underscoring the importance of fair litigation rules for government entities to prevent unnecessary financial exhaustion of the opposing party.
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