The post XRP Lawyer John Deaton Says He Will Replace Elon Musk as SEC’s ‘Most Hated’, Says It a War appeared first on Coinpedia Fintech News
John Deaton, who is an attorney advocating for the XRP community in the ongoing legal case, has called the XRP enthusiasts for a mission.
In response to the regulatory threat posed by the US Securities and Exchange Commission, John Deaton has requested the community to stick together. He wants the community to think out of the box, discuss ideas and create strategies amid the SEC backlash.
Deaton has been an outspoken advocate for XRP and believes that cryptocurrency should not be classified as a security. Ripple has vigorously denied the SEC’s allegations, arguing that XRP is not a security and that the company did not conduct an unregistered securities offering.
The point is the crypto industry must accept that the SEC waged a war
— John E Deaton (@JohnEDeaton1) March 5, 2023crypto when it attacked not only how a promoter sells a token but attacked the token itself – calling software code a security per se – no matter the seller or the circumstances surrounding the sale.
Regardless of whether something is a security, who distributed it, or the circumstances surrounding it, everything in the crypto market is now subject to regulation, in Deaton’s opinion, as a result of the SEC’s recent moves.
He wrote on Twitter, “Technically, it was 12,600 #XRPHolders who joined the motion to intervene (today the putative class is more than 75K). But think about the motion to intervene: Thousands of retail digital asset holders asked a Federal Judge to make them actual defendants in a case!”
The thousands of XRP holders who have intervened in the SEC-Ripple lawsuit, according to Deaton, show the “volumes of the public interest” in the matter. Deaton advised his audience to think differently and continued, saying that there is a “war” going on between all the companies and the SEC.
In December 2020, the US Securities and Exchange Commission filed a lawsuit against Ripple Labs.
The outcome of the legal battle between Ripple and the SEC is still uncertain, and it is unclear what the long-term implications will be for XRP and other cryptocurrencies. However, the case has underscored the need for greater regulatory clarity in the cryptocurrency industry
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