XRP Lawyer: Ripple’s Transparency Backfired
John Deaton, the founder of Crypto-Law.US and a supporter of Ripple, is criticizing the U.S. Securities and Exchange Commission (SEC) for its inconsistent treatment of crypto companies. Deaton highlights Ripple Labs’ commitment to transparency and quarterly reports on XRP sales, which the SEC used against Ripple in the ongoing legal proceedings. In addition, Deaton reveals that former SEC director William Hinman had access to information about the number of Ether tokens held by Ethereum co-founders but conveniently claims to have no recollection. The XRP community is concerned about the delay in Judge Torres’ ruling on the XRP lawsuit, but recent revelations have sparked hope for a swift resolution. Amidst the uncertainty, Deaton maintains that XRP should not be considered a security and hopes for clarity and fair treatment.
Key Points:
- Deaton criticizes the SEC for inconsistent treatment of crypto companies.
- Ripple’s transparency efforts were used against them in the legal proceedings.
- Former SEC director Hinman conveniently claims to have no recollection of details regarding Ether tokens held by Ethereum co-founders.
- The XRP community is concerned about the delay in the XRP lawsuit ruling.
- Deaton maintains that XRP should not be considered a security and hopes for clarity and fair treatment.
Hot Take:
John Deaton’s criticism of the SEC’s treatment of Ripple and his call for regulatory clarity in the crypto industry resonates with the crypto community. The revelation about the SEC’s access to information about Ether tokens held by Ethereum co-founders raises questions about the agency’s actions. The delay in the XRP lawsuit ruling is causing concerns, but the recent developments offer hope for a resolution. Overall, Deaton’s passionate stance and demand for fairness highlight the need for consistent and transparent regulation in the crypto space.
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