In a fiery Twitter exchange, John Deaton, the renowned founder of Crypto-Law.US and a fervent supporter of Ripple, has taken a stand against the U.S. Securities and Exchange Commission (SEC), shedding light on the agency’s inconsistent treatment of crypto companies. Deaton’s passionate words have struck a chord with the crypto community, calling for much-needed regulatory clarity.
XRP Lawyer: Ripple’s Transparency Backfired
Deaton emphasized Ripple Labs’ commitment to transparency, implementing cryptographic escrow, and providing quarterly reports on XRP sales. Surprisingly, the SEC used this transparency against Ripple and its CEO, Brad Garlinghouse, in the ongoing legal proceedings.
Adding fuel to the fire, Deaton highlighted an intriguing revelation. It came to light that during the legal battle, former SEC director William Hinman admitted that the SEC had access to information about the number of Ether tokens held by Ethereum co-founders Joseph Lubin and Vitalik Buterin. However, Hinman conveniently claimed to have no recollection of the specific details.
Whereas, the XRP community, along with Attorney Bill Morgan and Deaton, has expressed concerns about the delay in Judge Torres’ ruling on the XRP lawsuit. Recent revelations regarding Hinman’s speech and related documents have sparked hope for a swift resolution.
Amidst the regulatory uncertainty, Deaton reaffirmed his stance on XRP, stressing that it should not be considered a security. As the XRP lawsuit continues to unfold, the crypto community eagerly awaits a summary judgment, hoping for clarity and fair treatment.
Source: Read Full Article