XRP Lawsuit Update: John Deaton Finds Encouraging Development as SEC Abandons Debt Box Case, Indicating Favorable Outlook for Ripple
Ripple’s Chief Technology Officer (CTO) and a cryptocurrency lawyer have expressed their disapproval of the Securities and Exchange Commission’s (SEC) handling of the Debt Box case, citing government overreach. The defendants’ legal filings have revealed false claims made by the SEC, causing both financial and emotional strain. Now, XRP Lawyers, including John Deaton, are frustrated with the SEC and its chairman, Gary Gensler, after the SEC dropped a $50 million fraud lawsuit against Debt Box and admitted to making false statements. Deaton has strongly criticized Gensler’s leadership and urged SEC lawyers to adhere to the rules.
Recently, the SEC filed a motion to dismiss the charges against Debt Box, which has led federal judges, including Judge Torres, to label SEC lawyers as hypocrites in the Ripple lawsuit. This move has made the SEC’s legal arguments suspicious in other cases. Furthermore, an Appellate Court ruled that the SEC’s denial of a spot Bitcoin exchange-traded fund (ETF) was arbitrary. Deaton was shocked by this ruling and stated that the SEC is attempting to protect dishonest lawyers from facing consequences, even though they have been found guilty. Deaton has even suggested banning SEC lawyers from appearing in any cases presided over by Judge Torres.
Other lawyers, such as Jeremy Hogan and Bill Morgan, have questioned the SEC’s peculiar actions. They have pointed out that the SEC initially argued a significant fraud case but suddenly backed off to avoid trouble.
XRP lawyers are frustrated with what they perceive as unfair lawsuits against cryptocurrency companies and have accused the SEC of playing games in the courtroom. Even Coinbase’s Chief Legal Officer, Paul Grewal, has criticized the SEC, stating that they have caused trouble and are now attempting to walk away without facing consequences. Ripple’s CTO, David Schwartz, has also called out the SEC for employing unethical tactics in the Debt Box case.
Although the SEC has admitted its mistake, it was too late to prevent the consequences, as both the defendants and the associated coin’s market value had already suffered a 56% drop.
Behind all the legal discussions are real people. John Deaton has emphasized that SEC lawyers must remember that their actions have real implications on people’s lives and livelihoods. It is not just about following rules; it is about fairness and justice. This is not just a legal dispute; it is a plea for the SEC to be responsible and fair when dealing with cryptocurrency companies. People are watching and are seeking fairness and justice, not just legal maneuvering.