- John Deaton asserts that Rakoff’s ruling is unrelated and irrelevant to Torres’s ruling on XRP, and labels it “nothingburger.”
- Deaton warns that SEC’s potential appeal based on Rakoff’s ruling could backfire.
- The pro-XRP lawyer expresses confidence in Torres’s judgment, betting it won’t be overturned on appeal.
Cryptocurrency legal expert and founder of CryptoLawTV, John Deaton, minced no words as he dissected Judge Rakoff’s ruling in the SEC. v. Terra case, calling it a “Rakoff Nothingburger.” Deaton’s assessment calls into question the perceived significance and the subsequent impact of his ruling on the Torres Decision on XRP in SEC v. Ripple.
THE RAKOFF NOTHINGBURGER – Why the Rakoff filing is distinct, unrelated and irrelevant. https://t.co/6nDlH9iFy4— CryptoLaw (@CryptoLawUS) August 9, 2023
Deaton’s pointed remarks stem from his assertion that Rakoff’s decision does not hold significant weight in the grand scheme of the XRP case. He argues that the differences between the two judges’ decisions have been blown out of proportion and that Rakoff’s ruling is distinct, unrelated, and irrelevant to Torres’s ruling. In his own words, Deaton asserted:
It’s a nothingburger when everyone says, ‘Oh look, Rakoff completely changed the landscape of things.
One of the most noteworthy statements from Deaton’s video is his belief that the SEC’s potential decision to appeal the case based on Rakoff’s ruling could backfire. “If the SEC is dumb enough to appeal this, to do an interlocutory appeal, they’re going to regret it because I can just assure you that this Rakoff opinion decision is not going to carry much weight to the court,” Deaton boldly claimed.
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Deaton went on to emphasize that even if Rakoff’s ruling were to be upheld, it would not significantly impact the overall case. Deaton believes that the key factors in determining whether XRP is a security are better addressed in Judge Torres’s decision. He also pointed out that Judge Torres’ track record on appeal is stronger than Rakoff’s.
The “major questions doctrine,” a concept central to the ruling, also came under Deaton’s scrutiny. This doctrine is pivotal in assessing whether cryptocurrencies merit classification as securities due to their economic impact.
“He [Rakoff] says that crypto doesn’t come close to rising to that level of economic significance,” Deaton highlighted. While Rakoff downplays crypto’s economic impact, Deaton contends that the burgeoning market, with statements from influential figures like BlackRock CEO Larry Fink and PayPal’s entry into the sector, strongly challenges such an assertion.
Deaton concluded his analysis by expressing his confidence in the strength of the Torres decision, betting a significant sum that Torres’ judgment would not be overturned on appeal.
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