Deaton Responds To The Accusation of Buying XRP Based on Insider Information

Following the lawsuit initiated against Ripple and two of its executives by the U.S. Securities and Exchange Commission (SEC) in December 2020, XRP saw a significant decline in price and adoption, with many holders expressing concerns about the cryptocurrency’s future. Amid the decline, cryptocurrency lawyer John Deaton bought more XRP, believing Ripple would prevail in the legal dispute.

However, his faith in XRP has fueled speculation that the attorney was trading with insider information. Deaton denies this and reiterates his defense with a post on X, emphasizing that insider knowledge did not guide him.

Read Also: Pro-XRP Lawyer John Deaton Reacts To The SEC’s Recent Humiliation

He wrote, “Anyone who has seriously followed me knows this. When I sued the SEC, SEC lawyers like Jorge Tenreiro lied and told the Judge I was a disgruntled #XRP holder who was upset because I bet on the wrong token and lost money.”

Deaton revealed that he had made a substantial profit on XRP before the SEC filed the lawsuit against Ripple. Despite SEC lawyers misrepresenting him as a disgruntled XRP holder, Deaton clarified that he owned three tokens at the time, with XRP being his smallest investment. He asserted that the case transcended XRP and accused the SEC of distorting the truth.

Deaton also mentioned buying more XRP post-lawsuit, expressing confidence in a favorable outcome. He added, “Plus, It was like betting on myself and betting the Judge would follow the law.”

The Community Responds

An X user, Chip – onthechain.io (@stephenchip), reacting to Deaton’s post, expressed satisfaction at Deaton disrupting the SEC’s plans, highlighting a collective fight and ultimate triumph against the SEC.

In his words, he said, “You threw a wrench in the SEC’s plans. You fought. Together, we triumphed. That pisses the SEC off so much. I find this incredibly satisfying!”

Read Also: XRP To Reach $10,000 or Attain Ethereum Valuation? John Deaton Has This To Say

Another X user, Craig (@craigasauris), praised John Deaton’s advocacy for XRP holders but expressed confusion about his continued holding of BTC. The follower cited concerns about BTC’s energy inefficiency, high fees, and outdated technology compared to XRP. He requested insight into any new perspectives or information Deaton could share.

He said, “John, I appreciate your work for all of us XRP holders. But I don’t understand why you would continue to hold BTC when we now know so much about its energy inefficiency, super high fees, and old-school technology (beta for xrp). Something new you could share?”

Deaton’s passionate support for Ripple and XRP, even when others doubted the project’s viability, has yielded him financial gains.

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