- CryptoLaw founder John E Deaton says if the SEC wins, then all coins are in danger.
- Deaton believes that SEC’s complaint claims are like saying oranges are securities.
- Ripple vs.SEC case has been dragging for over two years.
John E Deaton, the founder of CryptoLaw, shared his insights on why the SEC vs. Ripple case could put every coin in danger. He dropped a YouTube video stating why he believes the win for the SEC is not a positive thing for the cryptocurrency industry. He also mentioned that he and 75k of his closest friends have known it for some time.
Stuart Alderoty, general counsel at Ripple, also tweeted that the experts would agree about the significant impact on cryptocurrency’s future in the US depending on the outcome of the ongoing case.
Deaton also spoke about his approach when the SEC sued Ripple, alleging that XRP was a security. He also stated that is the functional equivalent of saying oranges were securities.
Deaton also argued about his approach during that time, asking Coinbase not to delist XRP and instead filing a motion to intervene or ask to be amicus. CryptoLaw founder also agreed that it was a super aggressive approach, for which he believes 95% of corporate counsel would argue that he is insane.
Deaton also stressed the fact that tens of thousands of XRP holders agreed with him and joined in his motion just because they believed the complaint to be baseless. It all began in December 2020, when the SEC sued Ripple for allegedly selling unregistered securities.
The lawsuit claims that XRP is a security rather than a commodity and that the company illegally raised $1.8 billion by selling it. The lawsuit has been dragging on since then, with the community waiting for a positive outcome.