XRP: Security Or Not? Ripple vs SEC Verdict Nears As Judge Torres May Have Already Decided!

The post XRP: Security Or Not? Ripple vs SEC Verdict Nears As Judge Torres May Have Already Decided! appeared first on Coinpedia Fintech News

Lawyers that are closely monitoring the Ripple vs SEC lawsuit have critically analyzed Judge Analisa Torres’s comments to determine if XRP will be classified as an unregistered security or not.

With the summary judgment expected to take place by the end of this year, according to Ripple CEO Brad Garlinghouse, the global cryptocurrency community is eagerly awaiting the final verdict, which will affect the entire industry and other cryptocurrency exchanges and firms as well.

The Ripple vs XRP lawsuit has recently intensified following the FTX and Alameda Research collapse, which opened a new wave of regulatory scrutiny. Furthermore, the SEC has made several hits, including with LBRY and Kraken exchange.

USA’s Crypto Administration

The Biden administration has passed a new Bitcoin and crypto mining tax law that requires miners to pay 30 percent.

This punitive tax on #Bitcoin mining would throw the US back into the 20th century, but it would benefit foreign jurisdictions that want jobs and economic growth. pic.twitter.com/m8bZ77hRV1

— Pierre Rochard (@BitcoinPierre) March 10, 2023

What Has Judge Torres Decided?

According to Jeremy Hogan – a partner at the American law firm Hogan & Hogan – who has been closely monitoring and commenting on the Ripple vs SEC lawsuit, Judge Torres may have already decided on XRP classification. Hogan noted through a tweet that Judge Torres has cited the 1982 Marine Bank vs Weaver case severally regarding XRP as a security.

“In her recent Order, the Judge cited the Marine Bank v. Weaver case at least THREE times when discussing “what a reasonable XRP purchaser believed” when they bought XRP issue. It’s a Supreme Court case which asks whether the thing sold was “commonly” thought of as a security,” Hogan noted

Notably, Hogan’s sentiments were reiterated by John E Deaton, a lawyer representing over 70k XRP investors in the Ripple vs SEC lawsuit. According to Deaton, XRP is neither a security nor its secondary sales.

Read the language here. A provision in an agreement gave the investors a share of the company’s profits. Yet, the Court said the provision ITSELF is not a security. That’s a major focus of #XRPHolder’s Amicus Brief. #XRP itself is NOT a security and neither are secondary sales.

— John E Deaton (@JohnEDeaton1) March 9, 2023