CryptoLaw creator has responded to numerous XRP haters who believe SEC will win case against Ripple
John Deaton, the creator of CryptoLaw and a well-known XRP supporter who has been watching the Ripple-SEC case closely and routinely giving information and comments on it, has turned to Twitter to offer his perspective on another XRP-SEC-related matter. Deaton reacted to critics of XRP he recently came across on Twitter who assert that the SEC is correct and that “XRP is clearly a security.”
Deaton stated in a tweet that “all these XRP haters” who have been claiming that the SEC would easily win its action against Ripple cannot rationally explain why, in their eyes, XRP is unquestionably security.
The inventor of CryptoLaw drew attention to the fact that, in 2018, when SEC lawyers thoroughly examined the cryptocurrency Ripple Labs uses, the regulator might have easily targeted Ripple for the same reason – dated June 13, 2018, the memo.
If it was so clear and obvious why would they let Ripple take advantage of the public and dump on us? Why would they allow Ripple to buy 9% of MoneyGram and give XRP to MoneyGram who then dumped XRP on the public?
— John E Deaton (@JohnEDeaton1) January 20, 2023
Additionally, he continues, they permitted the financial behemoth to continue selling XRP following that analysis. Furthermore, they permitted Ripple to continue to “dump XRP on the public” through them and to purchase 9% of the stake at MoneyGram.
According to Deaton, if XRP was a security, the U.S. regulator “wouldn’t be faced with a fair notice defense now” and would not have struggled for two years with this litigation.
Deaton sent these tweets in response to cryptocurrency enthusiast @JayVTheGreat, who stated that he believes Ripple will lose.
If what you say is so accurate and so obviously clear, don’t you find it odd that when SEC enforcement lawyers analyzed XRP in a 📝 Memo dated June 13, 2018, they didn’t recommend a cease and desist letter or enforcement if Ripple didn’t stop selling illegal securities?
— John E Deaton (@JohnEDeaton1) January 20, 2023
The chief executive of Ripple, Brad Garlinghouse, expressed optimism that the judge would rule on the lawsuit this year, most likely in the first part of it, earlier this week at the World Economic Forum 2023 in Davos. According to him, all left to do is wait because the judge has already been briefed on all the pertinent information.
Garlinghouse emphasized that he does not believe there is a good likelihood of a settlement with the SEC because Ripple’s primary demand is to have XRP declared a non-security moving forward, which the SEC will not permit.
Read more:
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- SEC Alleges That Ripple Executives Recklessly Disregarded Facts