Legal Analyst Says This Aspect of SEC vs. Ripple Case Will Impact Other Crypto-Related Lawsuits 

MetaLawMan says the possibility of Judge Analisa Torres addressing XRP secondary market sales in the SEC vs. Ripple case will impact other crypto lawsuits. 

In a recent tweet, MetaLawMan, a crypto-friendly legal analyst, said the outcome of the SEC vs. Ripple’s lawsuit would potentially impact other cryptocurrency-related cases. 

It is worth noting that the crypto community is eagerly anticipating the final verdict of the Ripple lawsuit. Although there is no official date for the ruling, the presiding judge, US District Judge Analisa Torres, is expected to issue the verdict anytime soon. 

With the summary judgment for SEC vs. Ripple expected to come soon, MetaLawMan said the possibility of Judge Torres addressing XRP secondary market sales would impact other crypto legal battles, like SEC v. Coinbase, SEC v. Binance, and SEC vs. Bittrex, among others. 

1. SEC v. @Ripple: Waiting for critical ruling from Judge Torres on cross-motions for summary judgment. Open question whether the Judge will address secondary sales of $XRP.

2. SEC v. Bittrex: (June 30) Deadline for Bittrex to file motion to dismiss.

— MetaLawMan (@MetaLawMan) June 28, 2023

It is worth noting that the SEC labeled various crypto assets, including ADA and SOL, as unregistered securities in the lawsuits. 

XRP Secondary Market Transactions 

Notably, the issue of XRP secondary market transactions is an important part of the SEC vs. Ripple lawsuit. Recall that the SEC alleged that Ripple offered XRP as an unregistered security. Consequently, the SEC alleges that XRP is a security, thus implicating the coin’s secondary market sales. 

The regulatory agency did not distinguish between Ripple’s XRP sales and the asset’s secondary market trading. 

Interestingly, numerous “friends of the court” (amici curiae), including 75K XRP holders, filed briefs expressing concern over the SEC’s broad claim.

Deaton Says Judge Torres Will Address XRP Secondary Market Sales 

Meanwhile, attorney John Deaton, who represents thousands of investors in the SEC vs. Ripple case, expressed confidence that Judge Torres will address XRP secondary market transactions in the upcoming summary judgment.  

According to Deaton, the judge will address XRP secondary market sales due to the numerous amicus briefs filed in the Ripple case. He added that Judge Torres would comment on the coin’s secondary market sales because she is aware her colleague addressed the issue in the SEC vs. LBRY lawsuit. 

Notably, whether Judge Torres will address XRP secondary sales as predicted by Deaton remains to be seen.