In the case between Ripple and the SEC, an expert evaluated the case after the judge ruled in his summary decision in favor of Ripple that XRP does not constitute a security when sold on exchanges.
Roslyn Layton, a leading international expert on technology policy and Vice President of Strand Consult, wrote that the decision “trained the SEC on the law that established it” and “understood” the Howey test.
He also commended Judge Torres for “not impressed by the great public interest in the case” and “strictly enforcing the law”.
Layton argued that the SEC's legal position was “a clear usurpation of regulatory space,” and said that “the SEC flexed the existing law so much that it produced a new de facto law for technology that was never considered when the Securities Act of 1933 was written.”
He said that the SEC's approach threatens not only XRP holders, but also any digital asset holders, traders or developers. He concluded that “the biggest winners of Torres' decision are individual XRP holders.”
Layton further said:
“Ultimately, Torres' decision was a victory for thousands of individual XRP altcoin holders led by attorney John Deaton.
Torres openly listened to the arguments of investors and gave them the legal protection they fought for and deserved.”
*Not investment advice.
