Pro-XRP attorney John Deaton has responded to criticism of the decision in the SEC-Ripple case that emerged last week. Deaton emphasized that the SEC made the decision after applying the Howey test to every XRP transaction that it claims violated federal securities law.
According to Howey, it is “immaterial” whether the asset or enterprise (ie XRP) is speculative or non-speculative. According to Howey, it is “immaterial” whether the asset itself has intrinsic value or not. ALL that matters is the application of the Howey factors. HARD STOP!
— John E Deaton (@JohnEDeaton1) July 19, 2023
The Howey Test is a legal test in the United States that determines whether a transaction constitutes a security. Deaton stated that the Supreme Court took the Howey test into account when making a determination and that the decision was correct.
Will Ripple Decision Return?
Lawyers who are experts in securities stated that the judge’s decision in favor of Ripple was inconsistent. Ripple opponents insist that the decision will be reversed on appeal.
Reacting to these speculations, Attorney Deaton stated that if the SEC somehow reverses Judge Torres’ decision, it will fail again at the end of the day. The pro-Ripple lawyer explains this expectation with the criteria of “joint venture”.
She could get the case back and say the common enterprise factor is not satisfied between XRP holders and Ripple or she could rule consumptive intent is an issue for the jury since the SEC’s expert’s opinion was excluded. Common enterprise is a difficult hurdle for the SEC here.
— John E Deaton (@JohnEDeaton1) July 19, 2023
XRP Price
Cryptocurrency XRP, which has been on the agenda of recent days, continues to rise in the middle of the week when the market is calm. XRP has gained 2.39% since the start of the day.
$XRP currently finds buyers in the free market with a price tag of $0.7972.
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