US pro-XRP lawyer John Deaton recently appreciated Forbes journalist Roslyn Layton’s contribution to the previous Ripple vs. SEC legal battle.
He did it on behalf of the entire crypto community, specifically the XRP community, for mentioning that the United States Securities and Exchange Commission (SEC) overstepped its boundaries on the crypto sector.
The Crypto-Law.US owner appreciated the senior contributor after she released a column concerning US Judge Analisa Torres’ verdict in the SEC vs. Ripple suit.
Dr. Layton’s Comments on Judge Torres’ Verdict
Dr. Roslyn Layton released a column stating that the verdict by Judge Torres ended as a win for US retailers and consumers. She further noted that the ruling ended as a prominent win for the law in the US.
According to the column, the verdict by Judge Torres schooled the Securities and Exchange Commission (SEC) in the law that established the agency and tapped into the 1946 Howey Supreme Court ruling that defines the SEC’s authority.
Dr. Layton mentioned that the judge strictly applied the law to the SEC’s allegations against Ripple Labs and its two senior executives about their XRP sales.
She noted that the only time security exists is when investors invest money in a common enterprise with a notable expectation of gain from the efforts of other entities. Therefore, Judge Analisa Torres ruled that not all XRP sales were securities trades.
Judge Torres reportedly applied the 1946 Howey test to every XRP transaction the SEC claimed to be securities and ruled that Ripple’s programmatic XRP sales on crypto exchanges do not constitute securities.
Conversely, the Judge ruled that Ripple’s previous sales of Ripple (XRP) to institutional clients constitute securities. Thus, the journalist wrote that the biggest suit benefactors were retail XRP token holders.
Deaton Appreciates Layton
The journalist’s column on Ripple further attracted pro-XRP attorney John Deaton’s interest as he reacted to an excerpt from the publication.
Deaton’s focus was on the section of the column where the Fox senior contributor said retail investors, XRP holders, and other token developers could have been the main victims of the SEC recorded an overall win against Ripple.
The lawyer described the article as impressive while commending Dr. Layton’s contributions. He highlighted that Dr. Layton was the first journalist to point out the SEC’s unconstitutional expansion of Howey.
In addition, he expressed his gratitude to Dr. Layton on before of the overall XRP token holders for pointing out the SEC’s shady and unjust practices. Layton had carefully followed the Ripple case and criticized the SEC’s regulatory method by introducing tactics over the law.
In 2022, she released an op-ed piece narrating the SEC’s regulation by enforcement tactic as pure manipulation via arbitrary decisions.
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