BY Lele Jima. February 9, 2023. (Crypto Basic).
In a recent tweet, XRP-Pro attorney John Deaton knocked the SEC for arguing that XRP represents both the common enterprise and the expectation of profit prongs of the Howey Test. Deaton expressed surprise that the SEC could reach such a conclusion despite not evaluating each transaction individually.
“The SEC doesn’t go transaction by transaction and argues that #XRP embodies or represents both the common enterprise and expectation of profits prongs of the Howey test,” said Deaton.
The founder of Crypto Law backed his comment by saying that even SEC Commissioner Hester Peirce (sometimes called Crypto Mom) admitted that her colleagues made a wrong call in evaluating XRP as a security.