- John Deaton questioned Jay Clayton’s motives behind the XRP lawsuit in a series of tweets today.
- The lawyer noted that ConsenSys is a client of a law firm belonging to Clayton.
- At press time, XRP was trading at $0.4822 following a 0.87% gain over the past 24 hours.
The crypto lawyer John E Deaton tweeted a thread earlier today wherein he accused the U.S. Securities and Exchange Commission (SEC) of not having clear crypto regulation guidelines. This post followed a tweet by Ripple’s CEO, Brad Galringhouse, who also called out the SEC for their “lack of internal coherence.”
According to Deaton, there are more conflicts of interest in the Ripple (XRP) SEC lawsuit than just the Hinman documents. The lawyer mentioned that a law firm belonging to Jay Clayton of the SEC, Sullivan & Cromwell, represented ConsenSys and the co-founder of Ethereum, Joseph Lubin.
Furthermore, Clayton’s former law partner eventually became the Deputy General Counsel of ConsenSys while Sullivan & Cromwell brokered Consensys’ purchase of Quorum and JPM Coin from JP Morgan. The lawyer also added that SEC Commissioner Joseph Grundfest believed the SEC wanting to file a lawsuit against XRP raised obvious concerns.
Deaton also questioned Clayton’s motives, as he, under oath at his confirmation hearing, told U.S. Senator Elizabeth Warren that he promised not to vote against an enforcement action involving one of his law firm’s clients, which he did not do. Instead, he voted to bring a lawsuit against his law firm’s client’s biggest competitor, Ripple.
At press time, the remittance token was trading at $0.4822 following a 0.87% gain over the past 24 hours, according to CoinMarketCap. This daily gain was not enough to flip the altcoin’s weekly performance back into the green, however. XRP’s weekly performance stood at -1.74% at press time.
From a technical perspective, XRP’s price continued to trade below the 9-day and 20-day EMA lines after it dropped below the two technical indicators on Wednesday. As a result, a significant bearish technical flag was on the verge of triggering as well, as the 9-day EMA line was looking to cross below the long EMA line.
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