FOX Journalist Mocks XRP Ruling, Top Crypto Lawyer Weighs In

Renowned crypto lawyer establishes the misconception spread by a senior FOX business columnist.

John Deaton is being shouted at by a small Charlie Gasparino in a futuristic room.
Created by Gabor Kovacs from DailyCoin
  • Charles Gasparino lashes out on Judge Torres, trolls XRP Army.
  • Lawyer John E. Deaton tears down Gasparinoโ€™s theory on Twitter.
  • The SEC prepares to appeal Torresโ€™ decision, but thereโ€™s a catch.

Fox Business correspondent Charles Gasparino has ripped into the XRP Army and Ripple executives again. This time, the veteran journalist attacked Judge Analisa Torres, who made the recent favorable decision concerning Rippleโ€™s $XRP sales, which set a precedent for cryptocurrency regulation.

By the ruling, XRP is deemed not to be a security, as the 1934 Securities Act surprisingly lacked modern measurements of financial instruments. To that, the senior correspondent for FOX replied with his own allegations against Judge Analisa Torres, comparing her decision to declare a Proof-of-Stake (PoS) cryptocurrency to another case.

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Gasparino shared a link to a piece from the New York Post, where a gang member with recognition in the criminal world was set free after a ruling by Torres. Gasparino ended his tweets with a photo of him downing a beer in Naples: โ€œTo my friends in the XRP Army โ€” A salute!โ€

Top Lawyer Dismantles Fox Journalistโ€™s Mockery of Ruling

While crypto traders on Twitter have been clashing with the senior FOX journalist for the past two weeks, a reputable pro-blockchain lawyer, John E. Deaton, rejected Gasparino’s claims: โ€œShow me a Howey factor that considers the level of sophistication of the investors. You canโ€™t.โ€

Deaton, the Managing Partner of the Deaton Law Firm, refers to cryptocurrencies as a new generation of money that cannot be measured by the Howey Test, as many factors would require an updated legal framework. 

Deaton added: โ€œIโ€™ve been fighting tribalism and echo chamber politics for the last three years. In 2013 SEC Officials were calling Bitcoin a security.โ€ Indeed, the most prominent digital asset Bitcoin is considered the only truly decentralized money by the U.S. Securities and Exchange Commission (SEC) today. But nine years ago, that wasnโ€™t the case.

On the Flipside

  • The SECโ€™s Chair, Gary Gensler, was heavily disappointed in the favorable decision for $XRP.
  • The SEC is preparing to appeal the ruling, but the issuance by the Second Circuit Court could take up to two years.

Why This Matters

The heated discussion around the landmark decision in the SEC vs. Ripple lawsuit shows different sides of opinion concerning Proof-of-Stake altcoins.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaลกevskis is a DailyCoin Journalist, covering memecoins & latest developments. Tadas has moderate holdings in SHIB, HBAR, LTC, MATIC and a selection of low-cap meme currencies.

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