Following Judge Torres’ ruling on XRP in the Ripple case, Deaton has emerged victorious in his bet against Fox Business’ correspondent Gasparino.
In a much-anticipated ruling on the ongoing legal battle between the United States Securities Exchange Commission (SEC) and Ripple, Judge Analisa Torres declared that XRP is not a security. However, a mixed verdict on Ripple’s XRP sales has left experts divided.
Notably, Attorney John E. Deaton emerged victorious in his bet against FOX Business Senior Correspondent Charles Gasparino, as the judge’s decision leaned favorably towards Ripple and XRP.
Gasparino and Deaton’s Bet
As previously reported by The Crypto Basic in March, Gasparino insisted that the judge would rule in favor of the SEC because no public figure would like to lean towards crypto due to the FTX implosion.
FOX Business’ Gasparino Bets Deaton on SEC Win Against Ripple https://t.co/0SiwHkNcjA via @The Crypto Basic
— Charles Gasparino (@CGasparino) March 8, 2023
Deaton disagreed, arguing that XRP would come out victorious in the lawsuit. However, Deaton emphasized that this does not mean Ripple would secure an outright victory. Gasparino initiated a bet on this, noting that he’d buy dinner if Ripple won. However, Deaton agreed to buy the dinner if the SEC emerged victorious.
Judge Torres’ Ruling
The court delivered its final ruling yesterday. While Judge Torres acknowledged that XRP is not a security, contrary to the SEC’s claims, she did issue rulings on various aspects of Ripple’s past asset sales.
The judge categorized programmatic XRP sales, other distributions, and the XRP sales made by Ripple executives Chris Larson and Brad Garlinghouse as non-securities.
However, past institutional sales made by Ripple fell under the securities classification, with the court noting that Ripple contravened the law in this regard. Judge Torres further stated that any of these rulings could proceed to trial.
Mixed Reactions
Regarding the verdict, Gasparino did express uncertainty because of the ruling that said XRP institutional sales are securities, but XRP is not a security. To him, it was a mixed ruling.
He said, “I still can’t figure out if I’m buying dinner or If Deaton is Buying.”
I still cant figure out if I'm buying dinner or if @JohnEDeaton1 is buying #XRP @Ripple — U.S. judge says SEC lawsuit vs Ripple Labs can proceed to trial on some claims https://t.co/HpsDDdddRn
— Charles Gasparino (@CGasparino) July 13, 2023
Deaton, however, celebrated the ruling as a resounding victory for Ripple and XRP. He cheekily remarked, “My buddy Charlie, bring the Platinum Card, brother, because this is a complete win for XRP and Ripple.”Â
My buddy Charlie, bring the Platinum Card brother because this is a compete win for XRP and Ripple. https://t.co/mDDYs7jcSj
— John E Deaton (@JohnEDeaton1) July 13, 2023
XRP is Not a Security
Deaton’s confidence stems from his belief that the judge’s decision favors Ripple’s position and strengthens the legitimacy of XRP as a digital asset, not an unregistered security. Several exchanges, such as Coinbase, Kraken, and Crypto.com, have relisted XRP.
Most industry leaders interpret Judge Torres’ determination that XRP is not a security as a significant win for Ripple, embroiled in legal proceedings with the SEC since December 2020.Â
Meanwhile, the SEC remains determined to pursue its claims. The crypto community eagerly awaits the next chapter, where the judge’s rulings will be put to the test in trial proceedings.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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