- John Deaton tweeted that Q1 or Q2 of 2025 is likely the earliest the regulation could get done.
- Deaton added that the crypto industry must come together to fight the SEC’s enforcement only policy.
- The lawyer also added that he is fighting court battles because legislation is not giving any clarity.
Amidst the Ripple vs Securities Exchange Commission (SEC) legal battle, Ripple lawyer and founder of Crypto Law US, John Deaton believes that crypto regulation in the US is not coming any time soon.
Deaton stated that Quarter 1 or Quarter 2 of 2025 is likely the earliest that the regulation could get done. Having said this statement, the lawyer admitted that he was overly optimistic with the time frame. The crypto market will be guided through judicial outcomes from the SEC’s Regulation by Enforcement policy, said Deaton.
Furthermore, he explained that guidance will come by Federal District Court and decisions like in the case of LBRYcom, Ripple, Dragonchain etc.
Deaton added that the crypto industry must come together to fight the SEC’s enforcement only policy. Hence, Deaton is representing Naomi Brockwell in the LBRY case.
Further talking about LBRY summary judgment decision, he stated that the SEC won the victory from the judge’s ruling. The SEC said that LBC token holders did NOT see LBC as an investment but as a utility token. However, the SEC did not provide clarity on the secondary use of LBC.
The SEC responded that the secondary market is not part of the case in controversy and that the SEC doesn’t give clarity. He tweeted:
The SEC is seeking a permanent injunction that does not distinguish between LBRY and its executives and users of the platform or secondary market transactions. On January 30 we have a hearing to discuss the issue. I have filed an amicus brief and an appearance in the case.
He informed that both LBRY and its CEO have agreed to burn all pre-mined cryptos but the SEC is neither offering a No-Action letter for the users or providing any official statement or any kind of clarity.
Deaton feels he is fighting a lost battle but is still doing so because the legislation is not giving any clarity.
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