- Attorney John Deaton defends the 75K list of XRP holders, stating it could aid in identifying holders in potential monetary recovery from SEC v. Ripple case.
- Deaton asserts that joining the 75K list does not imply a waiver of any rights, and could in fact enhance visibility of claims in potential settlements.
Setting the Record Straight on the XRP 75K List
John Deaton, a well-known attorney and founder of CryptoLaw.us, has recently outlined the benefits of being included in the 75K list of XRP holders, particularly in relation to any potential monetary recovery arising from the ongoing SEC vs. Ripple litigation.
The 75K list, originally compiled by Deaton in the wake of the SEC’s lawsuit against Ripple, represents a body of more than 75,800 XRP holders. These holders are unified in their belief that XRP is not a security, contrary to the SEC’s assertion.
Debunking Critics’ Claims
In the recent wave of criticism, some have claimed that those included in the 75K list would be disadvantaged during a potential monetary recovery either from the SEC or subsequent civil cases. However, Deaton asserts that joining the list does not imply a waiver of any rights or claims.
Expanding on this, he clarifies that if there were to be a monetary settlement for XRP holders in the lawsuit against Ripple, he, as the custodian of the list, would likely be contacted to assist in the distribution of funds. He encourages holders to dismiss the naysayers, affirming that standing up for XRP as a non-security does not inhibit potential future recoveries.
The Future of Monetary Recovery for XRP Holders
Deaton went on to express that even if the court rules XRP as a security, the investors who advocated its non-security status would not face any repercussions. Furthermore, he insists that the 75K list will not exclude holders from participating in potential monetary recoveries from civil litigation.
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While a federal judge has recently granted XRP holders the right to sue Ripple over allegations of unregistered securities, Deaton points out that a win for the SEC would result in the establishment of a fund to compensate XRP holders.
Ultimately, Deaton paints a picture of a potential legal process that could stretch over the next 2-5 years, possibly reaching the Supreme Court. However, he also suggests that if regulatory issues within the U.S. crypto industry are addressed by Congress in the meantime, the situation could resolve much faster.
He concludes with a firm endorsement of the 75K list, emphasizing that its existence has not waived any rights for the XRP holders and has in fact helped to identify any potential claims well in advance.
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