- John E. Deaton came out in defense of Ripple and XRP during a recent debate on Twitter.
- Deaton was responding to a Twitter user who claimed that Ripple’s XRP offering was an unregistered ICO.
- The crypto lawyer argued that the SEC’s case against XRP made it an attack against the crypto space.
Popular crypto lawyer John E. Deaton has come out in defense of Ripple CEO Brad Garlinghouse’s recent comments regarding the U.S Securities and Exchange Commission’s lawsuit against his blockchain company. Deaton was responding to criticism from a Twitter user, who claimed that Garlinghouse’s comments were in his self-interest and not in the interest of the crypto industry.
Brad Garlinghouse recently appeared in an interview with Bloomberg where he stated that the ongoing lawsuit with the SEC “is unique” and that the verdict of the case will be “pivotal” for the crypto industry. He added that the securities regulator’s approach of regulation by enforcement, was not a healthy way of regulating the market.
A user on Twitter took issue with the RIpple CEO’s comments, alleging that they were made in the interest of his company rather than the broader crypto industry. “When SEC was going after Unregistered Coin Offering (ICO) he didn’t say the SEC is attacking crypto space. The narrative changed when Ripple get the lawsuit & said it was an attack on Crypto. Clearly not, you (Ripple) are in the camp of Unregistered ICO, just more sophisticated,” he tweeted.
John Deaton responded by pointing out that the SEC had not limited its lawsuit to when, where, and how Ripple and its executives had sold XRP. Instead, the securities regulator opted to attack the token and its sale in the secondary market that had nothing to do with Ripple. Deaton argued that this factor made it an issue for the crypto space as a whole.