Pro-XRP Attorney John Deaton Anticipates Absence of Resolution in SEC vs. Ripple Legal Dispute
Attorney John Deaton recently discussed the ongoing battles between the U.S. Securities and Exchange Commission (SEC) and various cryptocurrency groups. During an interview with Thinking Crypto, Deaton expressed his thoughts on potential settlements, the SEC’s uncompromising stance, and the challenges faced by crypto platforms.
Deaton remains skeptical about the possibility of settlements, stating, “I don’t think so, right? But that’s just my speculation.” He believes that the SEC is fully committed to taking on the crypto industry, likening their approach to a scorched-earth policy.
He explained, “The SEC is fully engaged in this war. If they are targeting Coinbase, Kraken, Binance, and labeling Algorand and Cardano as securities while deeming these businesses illegal, how can they possibly handle the Ripple case delicately? It’s not impossible, but Gensler doesn’t seem to think so. It’s all-out warfare; it’s a scorched-earth policy. We are in the midst of a war.”
Deaton also addressed the SEC’s lawsuits against prominent crypto platforms Coinbase and Kraken. While he commended Coinbase for adhering to regulations, he highlighted Kraken’s difficult decision to settle for $50 million. He acknowledged the challenges faced by these platforms when confronted with legal disputes.
Shifting focus to broader concerns, Deaton expressed worry over Senator Elizabeth Warren’s proposal to ban Bitcoin. He expressed his concerns about the SEC’s authority and called for significant changes in the agency’s operations. Deaton also discussed the SEC’s actions against his law firm, expressing concern about their excessive power and potential for mistakes. He emphasized the need for substantial changes to ensure fairness.
Towards the end of the interview, Deaton mentioned the possibility of joining the Coinbase case if their motion to dismiss is rejected on January 17th. He aims to ensure that the voices of everyday individuals are heard within the legal proceedings.
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Ripple (XRP)
SEC