XRP Ruling: Fox Journalist Mocked, Top Crypto Lawyer Weighs In
• Fox Business correspondent Charles Gasparino has attacked Judge Analisa Torres for making a favorable ruling concerning Ripple’s $XRP sales.
• Lawyer John E. Deaton rejected Gasparino’s claims, saying that cryptocurrencies cannot be measured by the Howey Test as many factors would require an updated legal framework.
• The SEC considers Bitcoin to be the only truly decentralized money today, but nine years ago this wasn’t the case.
Fox Journalist Criticizes XRP Ruling
Fox Business correspondent Charles Gasparino has lashed out on Judge Analisa Torres for her recent favorable decision concerning Ripple’s $XRP sales, which set a precedent for cryptocurrency regulation. Gasparino compared her decision to declare a Proof-of-Stake ( PoS ) crypto to another case in which a gang member with recognition in the criminal world was set free after a ruling by Torres. He ended his tweets with a photo of him downing a beer in Naples: “To my friends in the XRP Army — A salute!”
Top Crypto Lawyer Weighs In
Top lawyer John E. Deaton rejected Gasparino’s claims on Twitter, saying that cryptocurrencies cannot be measured by the Howey Test as many factors would require an updated legal framework. He added that he had been fighting tribalism and echo chamber politics for the last three years, referring to 2013 when SEC officials were calling Bitcoin a security.
Judge Torres‘ Decision Was Correct
Despite claims that her decision is inconsistent with policy consideration, Deaton believes that Judge Torres‘ decision was 💯 correct and appropriate given the circumstances surrounding cryptocurrency regulations. He insists that modern measurements of financial instruments are needed to adequately assess digital assets like XRP and other cryptos such as Bitcoin.
SEC Prepares To Appeal Ruling
The U.S Securities and Exchange Commission (SEC) is preparing to appeal Judge Torres‘ decision regarding Ripple’s $XRP sales, although it may face challenges due to its outdated regulations and lack of modern measurements of financial instruments; this could prevent them from successfully appealing their case against Ripple’s sale of digital assets like XRP..
Crypto Community Reacts To Fox Journalist’s Criticism
The crypto community largely reacted negatively towards Charles Gasparino’s criticism of Judge Analisa Torres‘ ruling concerning Ripple’s sale of XRP; some argued that he was simply trolling XRP investors while others pointed out his apparent bias against digital currencies like Bitcoin and Ethereum and likened him to „the patron saint of the XRP army“.