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- Lawyer John Deaton, a staunch advocate for XRP, drew parallels between the SEC’s lawsuits against Binance and the ongoing Ripple case during an appearance on CryptoLawTV.
- Deaton, representing more than 70,000 XRP holders in the SEC vs. Ripple dispute, questioned the SEC’s intentions and suggested political motivations might be at play.
In a recent CryptoLawTV episode, John Deaton, a lawyer ardently supporting XRP, expressed his perspective on the parallels between the SEC’s legal proceedings against Binance and the Ripple lawsuit, both pertaining to allegations of securities law violations. Deaton currently represents over 70,000 XRP owners in the enduring SEC vs. Ripple conflict.
On June 5th, the SEC initiated legal proceedings against Binance and its CEO, alleging infringements of securities law. Merely a day later, the SEC filed a similar lawsuit against Coinbase.
Deaton has thrown doubt on the rationale behind the Coinbase lawsuit, arguing that the firm’s 2019 NASDAQ listing received SEC’s green light. When Coinbase went public, XRP was among the tokens listed on the exchange. However, following the SEC’s December 2020 lawsuit against Ripple, XRP was abruptly removed from the platform.
Turning his attention to the SEC’s actions against Binance and Coinbase, Deaton posited that political motivations could be involved. This hypothesis gains weight as cryptocurrencies increasingly become a hot-button issue in the lead up to the 2024 Presidential elections.
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Deaton also pondered whether Senator Elizabeth Warren and SEC Chair Gary Gensler are promoting the establishment of Central Bank Digital Currencies (CBDCs) and thus, specifically targeting crypto exchanges. Deaton has previously articulated his belief that Wall Street powerhouses such as Goldman Sachs and JP Morgan will strive to seize a share of the crypto market sector before the US administration establishes a comprehensive regulatory framework for digital assets.
Notwithstanding the initial blow the crypto market suffered following the lawsuit’s announcement, a recovery appears to be on the horizon. Bitcoin (BTC) has seen a 4.6% rise in the past 24 hours, nudging closer to the $27k mark. Additionally, the global cryptocurrency market cap increased by 3.2% in the last 24 hours, currently positioned at a robust $1.17 trillion.
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