In recent developments in the US Securities and Exchange Commission (SEC) case against Ripple, Republican candidate and pro-cryptocurrency lawyer John Deaton has emerged as counsel for Ripple (XRP) holders.
According to Fox journalist Eleanor Terrett:
🚨NEW: Amicus Counsel Appearance in @SECGov v. @Ripple in the Second Circuit just hit the docket. 👇🏼
“Senate race or not, I will not back down from what I started,” @JohnEDeaton1 tells me. pic.twitter.com/bQrlSHVFgF
— Eleanor Terrett (@EleanorTerrett) October 24, 2024
It is worth noting that the screenshots accompanying the publication show that the case was registered on October 23 at 12:4 pm ET.
John Deaton commented on his move: “Judge Torres, the lifelong Democratic judge with whom @SenGillibrand competed for a seat on the bench appointed by @BarackObama, has ruled unequivocally that ‘XRP itself is NOT a security’ and sales of XRP on such exchanges , like @coinbase are LEGAL.”
Addressing SEC Chairman Gary Gensler and the current government, Deaton said: “XRP is so LEGAL @chrislarsensf who is PERSONALLY SUED by @SECGov (along with @bgarlinghouse) for personal sales of XRP, he just DONATED millions XRP for @VP via @coinbase, which is ALSO SUED by the same out-of-control SEC led by unethical and corrupt Chairman @GaryGensler.”
Deaton went on to criticize the SEC and stated that the SEC is suing Coinbase, accusing it that Coinbase’s business model is illegal because it allows XRP to be transferred to other users, “similar to transferring XRP to the Vice President of the United States of America.”
Deaton also pointed out inconsistencies in the SEC’s charges because two years before Coinbase was accused of running an illegal business, the same SEC, after learning about Coinbase’s business model, stated that accelerating Coinbase’s IPO was in the public interest.
Deaton submitted four thousand statements from XRP holders to the court, and Judge Torres mentioned her efforts in the LBRY case in footnote 16 of her decision. He explained that all the efforts he made were of a charitable nature and he did not earn a single cryptocurrency from this.
According to Deaton, in a recent debate, Senator Elizabeth Warren “mocked” his philanthropic work when he mentioned that he worked for free to try to help the 75,000 token holders who joined him, including 627 living in Massachusetts.
He insisted on his intention to continue representing token holders in SEC appeals, either as a sitting US Senator or as a private citizen.
Deaton concluded, “Someone needs to speak on behalf of token holders, and I am honored to continue to be that person because America must lead when it comes to innovation.”
The participants, including Christiana Warner, James LaMonte and Jordan Deaton, will be represented in the case by John Dinte.
