John Deaton’s Recommendations for the Crypto Community
John Deaton, a lawyer representing 75,000 XRP holders, shares recommendations for the crypto community on tackling SEC Chair Gary Gensler’s egotism and hypocrisy. After Gensler pumped FTT token more than 100% with a single comment about FTX, John Deaton said: If you were Ripple CEO Brad Garlinghouse, Binance CEO ‘CZ’, Kraken’s co-founder Jesse Powell, Coinbase CLO Paul Grewal and CEO Brian Armstrong, or LBRY CEO Jeremy Kauffman— “I would be beside myself right now.”
XRP Lawyer John Deaton Slams Gary Gensler
Scott Melker, analyst and host of The Wolf Of All Streets podcast, said Gary Gensler pumped FTT token more than 100% with a comment on FTX by saying he is open to a rebooted FTX as long as it’s done “within the law.” “No human being has manipulated the price of crypto assets more than the very ‘cop on the beat’ who is responsible for ‘protecting’ investors,” stated Melker.
“Every time you think Gary Gensler couldn’t go lower he does.” John Deaton responded and recommends the crypto community stay resilient.
XRP Price Consolidates For Next Rally
XRP price fell 1% in the past 24 hours, with the price currently trading at $0.65. The 24-hour low and high are $0.643 and $0.664, respectively. Furthermore, the trading volume has decreased by 40% in the last 24 hours, indicating a decline in the interest of traders. John Deaton said XRP witnessing profit booking after the price surpassed $0.70. Analysts predict XRP price is now consolidating for the upcoming rally.
Hot Take: Ripple Unlikely to Face Speculated Disgorgement
In addition to his commentary on Gary Gensler’s actions, John Deaton also asserts that Ripple will unlikely face the speculated $770 million disgorgement. Deaton remarks on the nature of On-Demand Liquidity (ODL) transactions involving XRP, which occur in seconds, further diminishing the likelihood of investor harm.
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