Crypto lawyer John E Deaton provided a big update on the situation around SEC and Ripple in his latest viral tweet last night. The update highlighted Judge Torresâ pivotal decision in the case, with Deaton emphasizing her background as a Democratic judge appointed by President Barack Obama.
Her ruling explicitly stated that âXRP itself is NOT a security,â effectively legitimizing XRP trading on cryptocurrency exchanges like Coinbase. This decision carries considerable weight across partisan lines and potentially sets a precedent for other cryptocurrencies facing similar regulatory challenges.
The situation takes an interesting turn with Chris Larsen, one of Rippleâs executives previously sued by the SEC for personal XRP sales, recently donating millions of XRP to Vice President Kamala Harris through Coinbase. This transaction highlights a striking contradiction, as Coinbase itself faces SEC scrutiny for allegedly operating an illegal business model by facilitating token transfers, including XRP.
Adding to the complexity, Deaton pointed out that the SEC had approved Coinbaseâs IPO two years earlier, deeming it in the publicâs interest despite being fully aware of the exchangeâs business model. Deaton likened the regulatory situation to âthe possessed girl in the movie, The Exorcist,â highlighting what he sees as confusion and inconsistency in the regulatory approach.
The lawyer also highlighted his extensive involvement in supporting XRP holders, noting that Judge Torres referenced nearly 4,000 affidavits he submitted on their behalf. Despite providing these services pro bono, Deaton faced criticism from Senator Elizabeth Warren during a debate. Nevertheless, he remains committed to representing XRP holders through the SECâs appeal process, whether as a lawyer or a private citizen.
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Deaton concluded by expressing concerns about Americaâs position in cryptocurrency innovation, criticizing SEC Chairman Gary Genslerâs approach while emphasizing the need for clearer regulatory frameworks to maintain the United Statesâ competitive edge in emerging technologies. He concluded with âSomeone has to speak for token holders and itâs an honor for me to continue to be that person because America must be a leader when it comes to innovation.â
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