John E. Deaton, the founder of Crypto Law and the attorney representing over 72,000 XRP holders in the long-standing Ripple-SEC lawsuit, has cleared the air regarding his all-out support for XRP. Whereas some may believe that his efforts in the Ripple-SEC case are because he holds a huge portion of XRP, he dismisses this notion revealing that he is just against the SEC’s attack on the crypto industry.
According to him, his support for XRP isn’t just because he owns the token, revealing that he owns more Ethereum (ETH) than XRP in his portfolio at the time he chose to represent XRP holders in the ongoing lawsuit between Ripple and the SEC. He added that he would have supported ETH if it was attacked by the SEC.
The crypto enthusiast and renowned lawyer have been a key Ripple/XRP supporter in their crypto tussle with the SEC such that the SEC attempted to restrict him from interfering in the case. Recently, he shared three vital points missing in the SEC’s motion for Summary Judgment.
Read Also: Ripple CEO Brad Garlinghouse Slams the SEC in Defense of Ethereum, Says He Holds BTC, ETH, XRP
In a response to Charles Hoskinson’s comment, John E. Deaton said, “when I filed suit versus the SEC I owned more in ETH than XRP and I still do b/c I knew people would try and dismiss my efforts as a disgruntled XRPHolder. As I’ve said if the SEC had sued Joseph Lublin, Vitalik Buterin, and ConsenSys claiming today’s ETH a security I would’ve sued SEC.”
Reacting to Cardano creator in a statement where he called allegations of corruption between the SEC and Ethereum (ETH) a grand conspiracy from XRP community, John Deaton said:
“Charles, Empower Oversight doesn’t own XRP – not part of the XRP Community. EMPOWR sued the SEC, proving they lied in Court and got emails proving CONCLUSIVELY that Hinman violated the criminal conflict laws. Respectfully, you’re just wrong to say “conspiracy or not” & “it doesn’t matter.”
Read Also: XRP Lawsuit: John Deaton Highlights Two Scenarios to Determine Settlement Decision
“But it absolutely matters how we got here. We cannot have a system where a few insiders get to pick the winners providing a massive regulatory advantage to some and using regulatory enforcement actions as weapons against others. It’s disgusting and it has to stop.”
However, Charles Hoskinson, the creator of Cardano (ADA) has pointed out that XRP is not a security but rather a commodity and should be regulated as a commodity. Both Hoskinson and John E. Deaton believe that the SEC is adopting the wrong approach to achieving crypto regulation.
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