John Deaton’s Criticism of the SEC and Ripple’s Legal Win: A Breakdown
John Deaton, the founder of CryptoLaw and a dedicated XRP supporter, recently spoke out about his experience attacking the SEC on social media. In an audio call on Twitter, Deaton revealed the consequences of taking a stand against a government agency.
- Deaton acknowledged that challenging the SEC as Amicus Curiae carried a price.
- He noted that the SEC targeted him, accusing him of actively threatening their stance.
- Deaton criticized the SEC for their lack of focus on fraudulent activities.
- He highlighted that only three out of the five SEC commissioners supported the lawsuit against Ripple.
- Deaton mentioned SEC commissioners Hester Peirce and Elad Rossman’s opposition to the action against Ripple.
Deaton represents numerous token holders in the case and has filed a document, known as an amicus brief, with over 75,000 holders as defendants. He has been vocal about the SEC’s negative impact on US investors through their actions against Ripple.
In the long legal battle between Ripple and the SEC, Ripple achieved a partial victory. The SEC accused Ripple of selling XRP without abiding by security regulations in December 2020. Finally, after over two years of court proceedings, Judge Analisa Torres delivered her decision, stating that Ripple treated XRP as an investment contract for major investors.
Hot Take: John Deaton’s criticism sheds light on the SEC’s handling of the Ripple case and the lack of attention given to fraudulent activities. Ripple’s legal win against the SEC marks a significant moment in the ongoing legal battle between the two parties.
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