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.
Embedding human rights into crypto systems is a necessity. Self-custody, privacy-by-default, and censorship-resistant personhood must be core design principles for any technology. The future of digital freedom depends on it.
Labour will eliminate unauthorised sewage spillages in 10 years, the environment secretary has told Sky News.
Steve Reed also pledged to halve sewage pollution from water companies by 2030 as he announced £104 billion of private investment to help the government do that.
“Over a decade of national renewal, we’ll be able to eliminate unauthorised sewage spillages,” he said.
“But you have to have staging posts along the way, cutting it in half in five years is a dramatic improvement to the problem getting worse and worse and worse every single year.”
He said the water sector is “absolutely broken” and promised to rebuild it and reform it from “top to bottom”.
His earlier pledge to halve sewage pollution from water companies by 2030 is linked to 2024 levels.
The government said it is the first time ministers have set a clear target to reduce sewage pollution and is part of its efforts to respond to record sewage spills and rising water bills.
Ministers are also aiming to cut phosphorus – which causes harmful algae blooms – in half by 2028.
Image: Environment Secretary Steve Reed. File pic: PA
Mr Reed said families had watched rivers, coastlines and lakes “suffer from record levels of pollution”.
“My pledge to you: the government will halve sewage pollution from water companies by the end of the decade,” he added.
Addressing suggestions wealthier families would be charged more for their water, Mr Reed said there are already “social tariffs” and he does not think more needs to be done, as he pointed out there is help for those struggling to pay water bills.
The announcement comes ahead of the publication of the Independent Water Commission’s landmark review into the sector on Monday morning.
The commission was established by the UK and Welsh governments as part of their joint response to failures in the industry, but ministers have already said they’ll stop short of nationalising water companies.
Mr Reed said he is eagerly awaiting the report’s publication and said he would wait to see what author Sir John Cunliffe says about Ofwat, the water regulator, following suggestions the government is considering scrapping it.
On Friday, the Environment Agency published data which showed serious pollution incidents caused by water firms increased by 60% in England last year, compared with 2023.
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Why sewage outflows are discharging into rivers
Meanwhile, the watchdog has received a record £189m to support hundreds of enforcement officers for inspections and prosecutions.
“One of the largest infrastructure projects in England’s history will clean up our rivers, lakes and seas for good,” Mr Reed said.
But the Conservatives have accused the Labour government of having so far “simply copied previous Conservative government policy”.
“Labour’s water plans must also include credible proposals to improve the water system’s resilience to droughts, without placing an additional burden on bill payers and taxpayers,” shadow environment secretary Victoria Atkins added.
The Rivers Trust says sewage and wastewater discharges have taken place over the weekend, amid thunderstorms in parts of the UK.
Discharges take place to prevent the system from becoming overwhelmed, with storm overflows used to release extra wastewater and rainwater into rivers and seas.
Water company Southern Water said storm releases are part of the way sewage and drainage systems across the world protect homes, schools and hospitals from flooding.