Attorney Deaton has expressed gratitude to Forbes journalist Roslyn Layton on behalf of XRP holders for her contributions to the SEC v. Ripple lawsuit.
Crypto-Law.US founder John Deaton has taken to Twitter to express gratitude to media personality and a senior contributor to Forbes, Dr. Roslyn Layton, for shedding light on the SEC’s gross overreach.
Attorney Deaton thanked the top journalist shortly after she published a column regarding Judge Analisa Torres’ ruling in the SEC v. Ripple case.
Layton Comments on Judge Torres’ Ruling
In a column yesterday, Dr. Layton noted that the ruling ended victoriously for US consumers and small investors. According to the renowned journalist, the ruling also marks a significant victory for the law in the United States.
“The ruling by Judge Analisa Torres of the Southern District of New York schooled the SEC in the law that created the agency and leaned into the 1946 Howey Supreme Court decision that defines the SEC authority,” an excerpt from the article read.
The journalist said the judge strictly applied the law to SEC’s accusations against Ripple and its two executives regarding their XRP sales.
Dr. Layton noted that a security only exists under Howey when there is an “investment of money in a common enterprise with a reasonable expectation of profit from the efforts of others.” Hence, the judge ruled that some XRP purchases were not securities trade, she added.
As reported, Judge Torres, who applied the Howey test to each XRP transaction the SEC alleges to be securities, ruled that Ripple’s programmatic XRP sales on digital exchanges do not constitute securities.
However, the judge declared Ripple’s past XRP sales to institutional clients as securities. Consequently, Dr. Layton said the biggest lawsuit winners were retail XRP holders.
Deaton Thanks Layton
Dr. Layton’s column on Ripple’s decision attracted Attorney Deaton’s interest, who reacted to an excerpt from the article.
Deaton focused on the part of the article where the journalist said XRP holders, retail investors, and other token developers could have been the major victims if the SEC recorded a total victory against Ripple.
“XRP could be replaced by any token or any asset at all. It was a bald-faced regulatory land grab. This is why the biggest winners from Torres’ decision were the retail XRP holders,” Deaton posted this excerpt from the article on Twitter.
Reacting, Attorney Deaton described the article as outstanding while appreciating Dr. Layton’s contributions.
“The danger of the SEC prevailing hung over XRP holders and any holder, trader or developer of any digital asset yesterday, today and tomorrow. XRP could be replaced by any token or any asset at all. It was a bald-faced regulatory land grab. This is why the biggest winners from… https://t.co/EoCIfkZhjB
— John E Deaton (@JohnEDeaton1) July 27, 2023
Deaton pointed out that Dr. Layton was the first journalist to highlight the SEC’s unconstitutional expansion of Howey. Furthermore, Deaton thanked Dr. Layton on behalf of XRP holders for shedding light on the SEC’s shady practices.
Layton Criticizing SEC
It is worth noting that Dr. Layton has closely followed the Ripple lawsuit. She has criticized the SEC’s regulatory approach, especially its preference for regulation by enforcement tactics over the law.
Last year, she published an op-ed piece describing the SEC’s regulation by enforcement tactic as manipulation through arbitrary decisions. As reported, Forbes took down one of her op-ed articles criticizing the SEC’s regulation tactics.
Similarly, Forbes also took down one of Layton’s articles that provided insights into why the SEC treats Ripple differently from Ethereum.
Interestingly, XRP community members took screenshots of the article before the leading news outlet deleted it.
Aside from slamming the SEC’s regulation tactics, Dr. Layton also filed a motion in the SEC v. Ripple lawsuit to gain access to William Hinman’s speech document.
However, since Judge Torres ordered the SEC to release the docs to the public, her motion to intervene was ruled moot.
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