John Deaton Emphasizes Japan’s Recognition of XRP As Non-Security Asset

In a recent tweet, Mark Cuban, the owner of the Dallas Mavericks, highlighted the importance of protecting crypto investors, citing Japan’s approach as an example. John E Deaton, a Lawyer, and aspiring senator, responded with a thought-provoking perspective on the matter.

Deaton’s response shed light on the regulatory discrepancies between the United States and other countries, emphasizing the need for clarity and consistency in the crypto space.

Read Also: Ripple-SEC Case: SEC Request for Another Time Extension to File Objection to John Deaton’s Amici Request

Mark Cuban’s initial tweet praised Japan’s approach to crypto regulation, which learned from past failures like Mt. Gox and adapted to protect investors. He noted that Japanese exchanges that went bankrupt in the US survived in Japan. Cuban’s tweet sparked a crucial conversation about regulatory frameworks and their impact on the crypto community.

Deaton responds

John E Deaton’s response expanded on Cuban’s point, highlighting the significance of Japan’s classification of XRP as a non-security token.

Deaton emphasized that the US Securities and Exchange Commission (SEC) declared XRP a security without legal support, even going so far as to claim that foreign governments’ classifications would not supersede their decision. This, Deaton argued, demonstrates the arrogance of US regulators attempting to usurp foreign nations’ sovereignty.

Deaton shared his experience representing 75,000 XRP holders from the United States and 143 other countries, including many who were unaware of Ripple or its executives.

He argued that XRP is not a security, and a federal judge appointed by Barack Obama agreed with his stance. Deaton’s efforts demonstrate that individual actions can make a difference in the face of government overreach.

Read Also: Ripple Emphasizes Role of XRP as Fiat Bridge Currency in ODL 

Deaton’s Call to Action

At the end of his tweet, Deaton made a call to action, urging members of the community to support his senatorial campaign through donations they can afford.

The exchange between Cuban and Deaton underscores the need for regulatory clarity and consistency in the crypto space. As the United States continues to grapple with crypto regulation, it is essential to consider the approaches of other countries like Japan, Switzerland, Singapore, the United Kingdom, and the UAE.

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