John Deaton Criticizes SEC Charges Against Brad Garlinghouse
Crypto lawyer John Deaton criticized the SEC for bringing “aiding and abetting” charges against Ripple CEO Brad Garlinghouse. Deaton argues that if former SEC leaders Bill Hinman and Jay Clayton had testified earlier, the whole situation could have been avoided. Deaton believes that this delay has resulted in wasted time and money, and hindered crypto adoption.
The “Ethereum Free Pass” Drama
Digital Asset Investor is advocating for the testimonies of Lowell Ness, a past a16z attorney, and Chris Dixon, in addition to Clayton and Hinman. These individuals could reveal insider information about how the SEC truly views cryptocurrencies. Clayton, in particular, is associated with the “Ethereum Free Pass Speech,” which could be significant in this case.
Ripple’s CEO Speaks Out: “We’re Stuck!”
Ripple CEO Brad Garlinghouse reportedly expressed frustration in a meeting with Clayton and Ripple’s CTO, Joel Katz. However, neither Clayton nor Hinman have confirmed whether XRP is considered a security. Deaton believes Clayton should testify as a “fact witness” to provide crucial information.
The Cost of Confusion: Ripple and XRP Market Impact
While the legal battle continues, the XRP market has experienced volatility. Prices have fluctuated, and a whale recently moved over $20 million in XRP. The uncertainty surrounding the case has left traders uncertain about the future of XRP.
The Fate of Crypto Regulation
The courtroom drama involving Ripple and the SEC has broader implications for the crypto landscape in the United States. Lawyers and investors agree that former SEC officials should testify to shed light on the true story behind crypto regulation. The outcome of this case could shape the future of the industry.
Hot Take:
The SEC’s handling of the Ripple case and the decision to bring charges against Brad Garlinghouse have drawn criticism from crypto lawyer John Deaton. The delays caused by not allowing former SEC leaders to testify have resulted in wasted time and hindered crypto adoption. The testimonies of key figures, such as Clayton and Hinman, could provide valuable insights into how the SEC views cryptocurrencies. The outcome of this case could have significant implications for the entire crypto industry in the United States.
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