Attorney John Deaton, a prominent figure in the Ripple-SEC lawsuit has recently expressed his experiences and insights regarding the case. With his involvement in the case, John Deaton has highlighted that majority of the crypto community spoke critically about XRP which included many founders and important players.
I do not believe one can properly estimate the damage to Ripple’s business caused by the sweeping nature of the SEC’s complaint against Ripple and XRP.
You have to remember, in 2012, when @Ripple founders created XRP, stable coins did not exist and the cross border payments… https://t.co/eGailTGshP pic.twitter.com/UyX3KUycbW
— John E Deaton (@JohnEDeaton1) December 31, 2024
John Deaton Criticized
Deaton himself faced criticism, with some players accusing him of being closely tied to Ripple or being an XRP whale. However, he clarified that 80% of his net worth is in BTC, indicating that he is not partial towards XRP token and his focus is on ensuring fairness and clarity in the cryptocurrency sector.
Ripple’s business model has been a major point of dispute within the community. A major contributing factor being its control over a large amount of XRP tokens and actions about the past sales. This has led some people to question whether the company is truly a decentralized cryptocurrency, or if it’s more like a traditional company.
Lawsuit Caused the Division?
The SEC’s 2020 lawsuit against Ripple has only led to more divisions, with the complaint categorizing XRP as unregistered security. This led to Coinbase delisting XRP and MoneyGram switching to XLM. John Deaton also pointed out potential conflicts of interest, noting that SEC officials who initiated the lawsuits later joined its competitors.
The list of SEC officials includes William Hinman, who joined One River Asset Management, a cryptocurrency investment firm after leaving the SEC. Hinman also declared Ethereum’s ETH token not a security and sparked allegation of corruption and favoritism within the SEC.
Deaton’s advocacy highlights the need for clear regulations in the crypto industry. This case serves as a reminder of the challenges and opportunities in navigating the evolving landscape of digital assets.
Also Read: Ripple’s XRP Flips Tether Again Amid 500M XRP Release
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