Amid speculations that a potential appeal by the United States Securities and Exchange Commission (SEC) could negatively impact the crypto market, Pro-XRP lawyer John Deaton has made it clear that even in the event of an appeal by the agency, it would not significantly affect XRP (XRP) holders.
After the judge’s ruling that the programmatic sale of XRP tokens through exchanges does not classify them as securities, a new question emerges regarding the potential legal implications if the SEC decides to appeal against the ruling. Deaton, who represents more than 75,000 XRP tokenholders, elaborated on the possible scenarios and intricacies of enforcing the summary judgment.
On July 21, the SEC stated in its filing regarding the case against Terraform Labs CEO Do Kwon that it plans to request a review of the decision made in the Ripple lawsuit. This decision came after Kwon expressed his intention to utilize the XRP lawsuit verdict as a precedent to argue that digital assets should not be classified as securities.
An appeal is not even close to be a setback. First, it will be two years from now before a decision is issued by the 2nd Circuit, if it’s appealed. The Torres Decision is the law until then – at least in the 2nd Circuit. Second, even if the 2nd Circuit said Torres was wrong… https://t.co/GzW31D9edQ
Deaton’s explanation suggests that the appeal decision could extend over two years, during which the summary judgment will remain the governing law. It remains uncertain when the SEC will initiate the appeal process in response to the ruling.
“An appeal is not even close to be a setback. Don’t let anyone underestimate how significant this win is for XRP and XRPHolders and Ripple.”
In response to the ongoing discussion about the SEC’s authority over tokens, Stuart Alderoty, chief legal officer at Ripple, tweeted that the agency’s jurisdiction is limited to securities. He said if a token isn’t classified as a security, then the SEC should not have a role in its regulation. Claiming jurisdiction where none exists is merely a political power move, which ultimately benefits no one and harms everyone involved.
A securities agency only has jurisdiction over securities. No security, no role for the SEC.
Pretending to have jurisdiction when there is none, is simply a political power play. It helps no one; it hurts everyone. https://t.co/OhNSaDuJ26
Judge Analisa Torres’ July 13 ruling stated that XRP tokens are not securities when sold on retail digital asset exchanges. However, the decision was not entirely in the company’s favor because Ripple was found to have broken the securities laws when it offered XRP to hedge funds and other institutional buyers.
Changes to welfare reforms, forced on the government by rebel Labour MPs, are being revealed today ahead of a crucial vote.
The original bill restricted eligibility for the personal independence payment (pip) and cut the health-related element of universal credit (UC).
The government, which insisted welfare costs were becoming unsustainable, was forced into a U-turn after 126 Labour backbenchers signed an amendment that would have halted the bill at its first Commons hurdle.
While the amendment is expected to be withdrawn, after changes that appeased some Labour MPs, others are still unhappy and considering backing a similar amendment to be tabled today.
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2:59
Starmer defends welfare U-turn
Here are the main changes to the UC and pip bill:
• current pip claimants will keep their benefits; stricter eligibility requirements will only apply to new claims from November 2026 • a review of the pip assessment, which will have input from disabled people • existing recipients of the health-related element of UC will have their incomes protected in real terms
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Work and Pensions Secretary Liz Kendall said in a statement that the legislation now aims to deliver a “fairer, more compassionate system” ahead of the second reading and vote on Tuesday.
“We must build a welfare system that provides security for those who cannot work and the right support for those who can. Too often, disabled people feel trapped, worried that if they try to work, they could lose the support they depend on.
“That is why we are taking action to remove those barriers, support disabled people to live with dignity and independence, and open routes into employment for those who want to pursue it.
“This is about delivering a fairer, more compassionate system as part of our Plan for Change which supports people to thrive, whatever their circumstances.”
Image: Work and Pensions Secretary Liz Kendall insists welfare reforms will create ‘a fairer, more compassionate system’. Pic: PA
The Resolution Foundation believes the concessions could cost as much as £3bn, while the Institute for Fiscal Studies warned that the changes make tax rises more likely.
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On Sunday Morning with Trevor Phillips, Mr Streeting said: “There were things that we didn’t get right, we’ve put right, and there’ll be a debate about future amendments and things, I’m sure, as it goes through in the usual way.”
Image: Talking to Sky News about the welfare reforms, Health Secretary Wes Streeting said there were things Labour ‘didn’t get right’
On the same programme, shadow work and pensions secretary Helen Whately repeatedly refused to say whether the Conservatives would back the bill, but would review the proposals after the minister’s statement later.
“We have said that if there are more savings that actually bring the welfare bill down, if they’ll get more people into work, and if they commit to using the savings to avoid tax cuts in the autumn, which looks highly unlikely at the moment, then they have our support.”
The Liberal Democrats plan to vote against the bill and have called for the government to speed up access-to-work decisions to help people enter the workforce.
Wes Streeting has suggested he is confident the government will now win a crunch vote on welfare cuts after Sir Keir Starmer made a number of concessions to prevent a damaging rebellion.
The health secretary told Sunday Morning With Trevor Phillips the alterations to the controversial welfare bill meant those in receipt of benefits now had “peace of mind”.
Asked whether he was confident the government would now win a vote on the reforms scheduled for Tuesday, Mr Streeting said: “Yes.
“I think the changes that were made this week have put us in a much better position, not just on the vote on Tuesday, but on the substance of the package – because as a result of the changes, it means anyone watching this morning who’s in receipt of PIP, Personal Independence Payments, now has the peace of mind of knowing that their situation is protected.”
More than 120 Labour MPs had signalled they were prepared to vote down the bill next week after they signed an amendment that would have stopped its progress through parliament – citing concerns about the impact on the most vulnerable and the lack of proper consultation with disabled groups.
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The scale of the rebellion – and the fact it spanned all wings of the party – alarmed Downing Street and led to Sir Keir making a number of changes to diffuse the anger.
Originally, the bill set out to tighten the eligibility criteria for PIP – money that is given to people, some of whom are in work, who have extra care or mobility needs as a result of a disability.
People who claim it are awarded points depending on their ability to do certain activities, such as washing and preparing food, which influences how much they will receive.
Currently claimants need to score a minimum of eight points across a range of tasks to qualify for the daily living element (there is a mobility element that is not affected by the plans). Under the new rules people will need to score a minimum of four points in at least one activity to qualify.
However, the changes made by Sir Keir mean existing PIP claimants will now be exempted from the stricter new criteria.
Alterations to Universal Credit, another type of benefit, mean that the health top-up will only be cut and frozen for new applications, as opposed to existing ones.
Mr Streeting declined to say whether he thought those who decide to vote against the bill should lose the party whip, which would force them to sit as an independent MP in the Commons.
He said it was “not my decision”, but added that there was an “expectation that Labour MPs vote for the whip”.
In a series of interviews over the weekend, the prime minister acknowledged there had been some mishandling of the welfare debate and said he was “heavily focused” on world affairs before he was forced to U-turn on his welfare bill.
In a piece in The Sunday Times, Sir Keir said he was occupied with the G7 and NATO summits and the escalating tensions in the Middle East for much of the past two weeks.
“Getting it right is more important than ploughing on with a package which doesn’t necessarily achieve the desired outcome,” he said, adding that all the decisions made were his and that “I take ownership of them”.
It was only 10 days ago that embattled Welfare Secretary Liz Kendall, trying to convince MPs to back her reforms, said ministers were “firm in our convictions”.
People on Personal Independence Payments (PIP) and universal credit were too often being “written off”, while the welfare bill was becoming unsustainable.
After an unprecedented rebellion by Labour MPs forced the prime minister into a significant retreat, today sees an interesting shift in those convictions.
Ms Kendall’s colleague Wes Streeting, who was drafted onto calls with angry backbenchers, tells Sky News he didn’t want disabled people in his constituency surgeries on a Friday, telling him they were worse off when that was not the intention.
This is exactly what many Labour MPs and disability groups were arguing was inevitable if current claimants were stripped of their benefits.
Sir Keir Starmer, in a series of Sunday newspaper interviews in which he reflects on mistakes, says he now believes there was no point ploughing ahead with something which “doesn’t necessarily achieve the desired outcome”.
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Having rushed forward these reforms to save £5bn in the spending review, it now seems ministers are admitting the package needed more thought.
The welfare bill is rising sharply, and many voters broadly support the idea of tackling it.
But even if the draft legislation, which will affect new benefit claimants only, is voted through (and that’s still an “if'”, with dozens of Labour MPs still weighing it up), this debacle – for many MPs at least – goes to the heart of whose side the government is on.