Legal Expert Calls Judge Torres’ Ruling another ‘SmackDown’ for SEC

• John Deaton discusses SEC’s failed Ripple case appeal on a Crypto Podcast.
• Judge Torres clarified her decision, emphasizing it is specific to XRP.
• Deaton argued crypto prices are not solely tied to project actions.

In a recent interview with the Thinking Crypto Podcast, pro-XRP lawyer John Deaton discussed the recent SEC vs. Ripple case development. Deaton noted that Judge Torres had denied the SEC’s attempt to appeal the Ripple ruling, describing it as “just another SmackDown of Gary Gensler and the SEC.” 

The lawyer highlighted that the SEC had sought an early appeal, which Deaton explained that such appeals are typically pursued when no trial is left to conduct.

Deaton emphasized that Judge Torres clarified her stance in the recent ruling. She specified that her original decision only applied to XRP and the specific facts and circumstances of that case. 

Moreover, Judge Torres clarified that she never stated a token could not be considered a security if sold on an exchange. This clarification debunked the notion that all tokens sold on exchanges were automatically non-securities, as some in the crypto community had inferred from her previous ruling.

Also, the lawyer mentioned that Judge Torres pointed out that many individuals who bought XRP on exchanges did not know of Ripple’s involvement, which was an essential factor in her decision.

Deaton and Edward also discussed the role of market movements in cryptocurrency. They highlighted that market dynamics, such as Bitcoin rallies, can influence the prices of various coins independently of the actions of the projects behind them. This observation further supported the idea that XRP’s price movements were not solely tied to Ripple’s efforts.

Additionally, Deaton mentioned that the affidavits submitted as evidence in the case, including those from individuals who bought XRP without knowledge of Ripple, played a significant role in influencing the recent decision.