XRP and $0.65 in the Hands of Judge Torres Court Ruling

It was a quiet Saturday session. SEC plans to appeal the Court ruling on Programmatic Sales continued to test buyer appetite.

However, the talk of Judge Torres denying the SEC request to file an interlocutory appeal regarding Programmatic offers and sales to XRP buyers over trading platforms and Ripple’s other Distributions influenced.

Former attorney and co-founder of Evernode XRPL Scott Chamberlain had this to say about the SEC appeal request,

“My bet: Judge Torres denies the request. She studiously avoided new law. She found the token is not the security, accepted the SEC’s characterization of the transaction buckets to be analyzed, and simply applied Howey and its progeny to the SEC’s chosen buckets.”

Chamberlain went on to say,

“SEC failed because the undisputed facts didn’t support all the Howey prongs for two of its three chosen transaction buckets, not because Judge Torres shifted the legal goalposts on the definition of those prongs.”

In contrast, Amicus Curiae attorney John E Deaton said,

“I expect Judge Torres to grant this motion. This will then allow her to even more fully explain her reasoning and to also further make it appeal-proof. It will also allow her an opportunity to address anything Rakoff said.”

Judge Rakoff, the presiding Judge in the SEC v Terraform Labs case, caused a stir by saying that Judge Torres made a mistake in the SEC v Ripple Court ruling when declaring that XRP was not a security when sold on exchanges. Rakoff believed that there is no difference between stocks and institutional sales in terms of being a security.

Ripple Chief Legal Officer Stuart Alderoty announced that Ripple will respond to the SEC filing.

The Day Ahead

It will likely be a quiet day ahead. However, investors should continue to monitor the SEC v Ripple case-related chatter. SEC activity and US lawmaker chatter will also need consideration, while ETF, Binance, and Coinbase-related news will move the dial.

A Court ruling on the request to dismiss the SEC case against Coinbase would influence.