Attorney John Deaton is confident in Ripple’s victory against the SEC’s appeal. He bases his belief on a comprehensive legal analysis conducted by Australian lawyer Bill Morgan, which explores the ruling delivered by Judge Analisa Torres and the application of the Howey test to determine whether Ripple’s XRP sales qualify as securities. Judge Torres carefully scrutinized each category of XRP sales and differentiated between programmatic sales and institutional sales. Deaton commends Judge Torres for her methodical approach in applying the Howey test. However, there are mixed reactions within the legal and crypto communities, with some expressing reservations about the distinctions drawn by Judge Torres. Deaton remains optimistic, even if the Second Circuit identifies issues with the application of the Howey test, as he believes it would result in a remand of the case. He also contends that the SEC failed to satisfy the second prong of the Howey test. The outcome of the appeal process will determine whether Deaton’s confidence in Ripple’s triumph proves prescient.
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