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XRP has become one of the most prominent cryptocurrencies in the crypto industry recently, and there are several reasons behind this. While the preliminary decision in the Ripple vs. SEC case initially sparked a short-term surge in XRP’s price, it didn’t last long. Now, it is rumored that the SEC will fight against this decision. Criticisms and comments regarding this matter continue to increase day by day.
Critical Decision in the XRP Lawsuit
John Deaton, a renowned lawyer and expert in the crypto industry, recently commented on a decision made by Judge Rakoff in another case. Rakoff, who presided over the case between the SEC and Terra, made a decision that has drawn attention. Rakoff’s decision in the Terra case contradicted the decision in the Ripple case, emphasizing that the SEC’s decision was correct and that XRP falls under the category of securities according to the Howey test.
Rakoff’s decision had a chilling effect on the XRP community. Lawyer Deaton made a statement about this. Deaton stated that this decision is not relevant to the XRP case and cannot serve as a precedent. He emphasized that Torres’ decision is the one that matters.
Rakoff’s Decision Does Not Affect XRP
According to Deaton, Rakoff’s decision is unrelated to the XRP case and cannot create a precedent. Deaton pointed out that two different judges’ decisions would conflict and that Rakoff’s decision is irrelevant. If the SEC appeals based on Rakoff’s statement, Deaton believes that they will lose the case again. Deaton stated that if the SEC is “stupid” enough to do so, the court will immediately reject it, providing reassurance to XRP investors.
Following this chilling decision, XRP is currently trading at $0.63. If XRP were to appeal, it could cause the price to drop again and spread fear. Nevertheless, Deaton emphasized that this decision is almost impossible and that XRP investors have nothing to fear.
In the past 24 hours, XRP has experienced a 3.5% decrease, dropping to $0.63.
