John Deaton’s Bitcoin Holdings at 75% Draw Criticism from Maximalists
Attorney John Deaton has provided his perspective on the challenges he faced while advocating against government overreach in the cryptocurrency industry. Despite his commitment to principles of freedom and justice, Deaton faced criticism, particularly from Bitcoin enthusiasts, for his involvement in assisting Ripple holders.
Scott Melker expressed his disappointment in the pushback from Bitcoin enthusiasts towards Deaton’s actions. Melker believes that Deaton’s commitment to doing what’s right for those in need would have remained unchanged regardless of the specific cryptocurrency involved.
Instead of recognizing Deaton’s success in bringing together 75,000 individuals with a common cause and advocating for them, the criticism solely focused on his choice of cryptocurrency.
Deaton expressed his confusion, stating that he couldn’t understand the situation. He believes that government overreach is government overreach, regardless of the specific cryptocurrency involved. Despite having a significant investment in Bitcoin, Deaton was labeled as the “XRP attorney” when he filed the case to assist Ripple holders, which he found troubling.
Deaton argued that it was concerning for Bitcoin maximalists to derogatorily refer to him as the “XRP attorney” when the core issue at hand was government overreach. He believes that the fight against government overreach should be guided by libertarian principles, regardless of personal opinions on specific cryptocurrencies. Deaton lamented the fact that some Bitcoin enthusiasts celebrated the SEC’s actions against Ripple early on, without considering the broader implications for the entire crypto space.
Deaton emphasized the absurdity of considering assets purchased by individuals, including his daughter, as illegal simply because they were unaware of the underlying company’s actions. He believes that such actions should offend any libertarian or Bitcoin supporter, regardless of their stance on XRP or any other cryptocurrency.