Compass Investments

Crypto vs. Dollar

📌 Judge Torres’ ripple ruling could be ‘overturned’: Examiner

This skepticism resonated in the legal community following Judge Kathryn Polk Faillas decision in Coinbase v. SEC; according to Examiner, a securities lawyer stated that the judges ruling against Coinbase Judge Torres analysis of Ripple in federal court should serve as a warning to XRP holders that it will likely be overturned by a federal court.. Xrp

– This skepticism resonated in the legal community following Judge Kathryn Polk Failla’s decision in Coinbase v. SEC; according to Examiner, a “securities lawyer” stated that the judge’s ruling against Coinbase “Judge Torres’ analysis of Ripple in federal court should serve as a warning to XRP holders that it will likely be overturned by a federal court.”

The Failla decision effectively rejects the application of the Torres decision to Ripple, emphasizing that “the name ‘cryptocurrency’ may be recent, but the challenged transaction fits neatly within the framework that courts have used to define securities for nearly 80 years.”

Gasparino noted that the judge hearing the Coinbase case rejected Coinbase’s argument that the Torres decision on Ripple supports its motion to dismiss. Instead, Judge Phila cited Lakoff’s analysis of Terraform and rejected Torres’ analysis.

The opinion carries more weight given SEC Chairman Gary Gensler’s hardline stance on cryptocurrencies, including Ethereum (ETH), and suggests that the regulator intends to challenge Torres’ decision. Gasparino notes: “If Gary Gensler considers ETH a security, then the SEC will not give up trying to overturn the bizarre and half-hearted Torres v. Ripple decision in the Court of Appeals, and it may well do so.”

This argument is not without counterarguments from the XRP community. Jesse Hines, a lawyer and avid XRP supporter, criticized the conclusions drawn from the Coinbase decision and said: “That’s a very poor opinion [laughs]. No real lawyer would apply a decision made in a motion to dismiss to an SJ decision, which is essentially a decision made on a motion to dismiss. Haters need to come up with better content.” This underscores the view of XRP supporters that the legal nuances of the case are oversimplified or misunderstood.

As of press time, XRP is trading at $0.61234.

Jake Simmons has been into bitcoin since 2016. Ever since he learned about bitcoin, he has been researching the topic every day and trying to share his knowledge with others. His goal is to contribute to the bitcoin financial revolution that will eradicate the fiat currency system. In addition to BTC and cryptocurrencies, Jake studied business informatics at university. After graduating in 2017, he worked in the blockchain and cryptocurrency industry. You can follow Jake on Twitter at @realJakeSimmons.

Bitcoin

Bitcoin

$64,592.69

BTC 1.67%

Ethereum

Ethereum

$3,087.19

ETH 0.54%

Binance Coin

Binance Coin

$558.70

BNB 1.03%

XRP

XRP

$0.50

XRP -0.22%

Dogecoin

Dogecoin

$0.15

DOGE 1.45%

Cardano

Cardano

$0.47

ADA 3.56%

Solana

Solana

$145.91

SOL 4.88%