Ripple News : XRP Lawyer John Deaton Opens Up on Confrontation with SEC: A Closer Look
John Deaton, who is the founder and host of CryptoLaw and an avid XRP supporter, has opened up about what happened when he attacked the SEC on social media. During an audio call on Twitter, Deaton explained that while it is easy to go after a government agency, it comes with a price.
Deaton mentioned that he was aware he was taking a stand as Amicus Curiae, and he also stated that the SEC targeted him, claiming he was challenging their stance.
In a conversation with former SEC employee John Reed Stark and others,
Deaton said, “Look at how the SEC personally attacked me. They said I was actively threatening the SEC’s stance.”
He added, “They deserve a lot of legitimate criticism. There continues to be a lot of fraud, why are you not focusing on fraud that has been perpetuated? Where is the focus?”
Deaton represents many token holders in the case and filed a document (amicus brief) that includes over 75,000 holders as defendants. On May 30, Deaton criticized the SEC for hurting US investors by going after Ripple.
He had also pointed out that out of the five SEC commissioners, only three supported what he called a “bogus lawsuit” against Ripple. Deaton also mentioned that SEC commissioners Hester Peirce and Elad Rossman opposed the action against Ripple.
Ripple got a partial win against the SEC in their long legal fight. The SEC said Ripple sold XRP without following security rules in December 2020. After more than two years of battling in court, Judge Analisa Torres finally gave her decision. She said Ripple treated XRP like an investment contract for big investors. Ripple plans to have a party to celebrate its legal win over the SEC. They tweeted that the party will happen on September 29, 2023, in New York City.