Ripple (XRP) Lawyer John Deaton Slams SEC and Its Case Against XRP: They Are 'Ignoring Reality
- Patricia ArquetteOriginal
- 2024-10-14 06:02:22574browse
John E. Deaton, a lawyer who represented Ripple in the case against the U.S. Securities and Exchange Commission (SEC), shared his thoughts
A lawyer who represented Ripple in the case against the U.S. Securities and Exchange Commission (SEC) has slammed the agency and its case against XRP.
John E. Deaton, a lawyer who represented XRP token holders in the case against the U.S. Securities and Exchange Commission (SEC), shared his thoughts on the matter in a viral tweet yesterday.
Deaton revealed that he fought against SEC Chair Gary Gensler’s agency on behalf of 75,000 XRP token holders, including 627 from his home state of Massachusetts. He goes on to say that he “did it all pro bono and spent $75,000 of [his] own money prosecuting the case.”
The lawyer expressed his frustration with the SEC’s conduct throughout the legal proceedings. “Every time I believed the SEC couldn’t degrade itself any further, the lawyers at the SEC proved me wrong,” Deaton remarked.
Deaton highlighted that a lifelong Democrat judge, appointed by former President Barack Obama, agreed with his arguments and relied on some of the evidence and briefing he provided to the court. The judge’s ruling clearly stated that XRP itself is not a security, aligning with Deaton’s predictions.
I fought @GaryGensler’s @SECGov on behalf of 75K XRP token holders, including 627 here in MA. I did it all pro bono and spent $75,000 of my own money prosecuting the case. Every time I believed the SEC couldn’t degrade itself any further, the lawyers at the SEC proved me wrong. A… https://t.co/NThDe7whb1 pic.twitter.com/TwbNlLM4ow
Several instances were also pointed out by the lawyer where the SEC faced criticism from the judiciary. These include:
Deaton went on to accuse the SEC of “ignoring reality, as well as a court ruling, to continue its unethical behavior.” He questioned the lack of outrage from senators on the Banking Committee overseeing the SEC, specifically calling out Senator Elizabeth Warren.
The lawyer concluded by drawing on his experience as a Special Assistant United States Attorney, suggesting that he had prosecuted cases of suborning perjury with less evidence than what he perceives in the current situation.
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