Judge Torres Likely to Tackle Secondary Market Sales: John E Deaton – Investor Bites

SNEAK PEEK

• Judge Torres will likely address secondary market trading in the Ripple case: Deaton.
• SEC’s motion for summary judgment necessitates an examination of secondary sales.
• Amicus briefs highlight the significance of addressing secondary market transactions.

In the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the anticipated ruling by Judge Torres is expected to delve into the contentious issue of secondary market trading of XRP. Although some speculations suggest otherwise, notable legal experts, including John E Deaton, are convinced that Judge Torres will address this crucial aspect in her decision.

I disagree. With that said, no one knows until she writes her opinion and, as a general rule, a judge usually only addresses what she/he needs to address. Now, on one hand, she doesn’t “need” to address secondary market sales to decide whether Ripple offered/sold XRP as an… https://t.co/lQhJdF5Kbu

— John E Deaton (@JohnEDeaton1) June 18, 2023

According to Deaton, while Judge Torres could technically decide the case without directly tackling secondary market transactions, there are compelling reasons to believe she will delve into the matter. Firstly, as presented, the SEC’s motion for summary judgment essentially necessitates such an examination. 

The SEC’s argument contends that purchasing XRP constitutes an investment in a joint enterprise with Ripple and other XRP investors and holders. The SEC’s stance extends beyond Ripple’s sales, encompassing all XRP sales. This expansive interpretation of the case may work against the SEC’s favor.

Moreover, the presence of various amicus briefs filed by prominent entities, including John E Deaton, XRP Holders, Spend_The_Bits, TapJets, Coinbase, Blockchain Association, Digital Chamber, and others, further underscores the importance of addressing secondary market sales. Judge Torres is likely to consider these filings as they shed light on the broader implications and consequences of the ruling.

In addition, Judge Torres is likely cognizant of the previous case involving LBRYcom, where secondary market sales were a crucial point of discussion. John E Deaton actively participated in that case as an amicus, presenting arguments during the penalty phase. If Ripple were to lose at summary judgment without addressing secondary sales, Deaton would probably file a motion seeking to participate and be heard. 

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• Source: https://investorbites.com/judge-torres-likely-to-tackle-secondary-market-sales-john-e-deaton/