John Deaton, a legal counsel supporting Ripple and an aspiring Republican candidate, has reportedly declared that he wants to become an amicus counsel representing holders of XRP in the SEC vs Ripple case. This comes at a time when the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is ongoing. It is evident that the persons implicated in such regulatory actions fuel emerging controversies in the cryptocurrency domain.
John Deaton Firm Stand on XRP
On October 24, 2024, journalist Eleanor Terrett disclosed through a tweet that John Deaton had applied to participate in the appeal as amicus lawyer in the Second Circuit in the SEC vs Ripple case. From Terrett’s post, John Deaton said, “Senate race or not, I don’t walk away from what I started.” This shows that he continues to support the cause of XRP holders unlike when he embarked on the political journey.
John Deaton also request the court to focus on its previous decision on XRP. He used the words of Judge Torres: “XRP itself is NOT a security,” and noted that the sales of XRP through Coinbase are legal. It has lead to discussions of the legal standing of the current actions by the SEC against Ripple and related companies.
SEC’s Controversial Actions
The SEC has been accused of its approach to governing cryptos, mainly on how it categorizes various Crypto assets and trading platforms. Deaton has been very critical of Gensler, the SEC chair, especially in the wake of the SEC suing Coinbase. Wink added that the SEC alleges that Coinbase operates an unlawful business model by enabling the transfer of XRP. “It just brings to the public that the SEC is suing Coinbase with allegations of Coinbase’s business model being illegal,” Deaton said. Such an assertion provokes doubt on the consistency of the SEC in its regulatory standard, all the more that it has previously approved the IPO of Coinbase.
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The situation has worsened, and Deaton has rightly highlighted the inconsistent approach of the SEC. He recapped that the SEC said two years ago that moving the knob faster towards Coinbase’s IPO was for the benefit of the public. For the current legal actions against the exchange, the SEC’s explanation is questionable, given this inconsistency. Deaton further submits affidavits from 4000 XRP holders in moving the case forward in a bid to reign in what he considers the SEC’s excesses in the regulation of digital currencies.
The Ripple Effect on the Crypto Community
This concern is not limited to the legal fight for XRP: It is about Deaton’s desire to protect holders of this asset and the future of cryptocurrencies in the United States. This involvement as an ‘amicus counsel’ shows that there’s a new awakening within the crypto space against unreasoned regulatory enforcement actions. As he said, “Someone has to speak for token holders, and it’s an honour for me to continue to be that person.” This notion holds true with many in the crypto fraternity as they feel exposed due to the stiff regulatory crackdowns.
This is not just Deaton’s engagement with Ripple but a significant event in the whole cryptocurrency market business. The verdict of this case may have datatops on how digital assets are classified and regulated in United States of America. In the meantime, Deaton’s struggle for XRP investors may make it easier to create fair regulatory regime that will promote innovation yet help investors avoid fraudsters.
Conclusion: A Pivotal Moment for XRP and Crypto Regulation
The importance, therefore, cannot be overemphasized that as John Deaton takes the new mantle of representing the amicus for XRP holders in the SEC vs Ripple case, it changes everything for the cryptocurrency space. The criticisms of the approach of the SEC and the commitment towards the defence of XRP holders present increasing concerns within the crypto fraternity. When such opportunities may bring vast changes, John Deaton’s participation has established a turning point not only for Ripple but for the cryptosphere as a whole.
The SEC’s conduct of this case and further evolution will be expected, as a result impacts the prospect of cryptocurrencies in the United States. Whenever John Deaton speaks on behalf of XRP holders, the demand for a proper and impartial regulatory system remains a very popular trend across the industry. In this ever-changing environment, voices from the crypto world, such as that of Deaton, will go a long way in determining the fate of cryptocurrencies in the United States. Keep following TheBITJournal and keep an eye on John Deaton’s next move.
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