John Deaton, a pro-crypto attorney who also represents XRP holders, has urged the crypto community to come together in the face of the regulatory danger posed by the U.S. Securities and Exchange Commission. According to a lawyer, the crypto community must think creatively and organize itself. He uses the chance for all businesses affected by the regulator’s mandate to come together, discuss ideas, and create cohesive strategies as an illustration.
We must think out of the 📦 and organize. For example, all companies in active litigation w/the SEC, or about to be, should be meeting, sharing ideas, and developing coordinated strategies. Its a war.
I’d be happy to help. Maybe I can replace @elonmusk as the SEC’s most hated.
— John E Deaton (@JohnEDeaton1) March 5, 2023
Regardless of whether something is a security, who distributed it, or the circumstances surrounding it, everything in the crypto market is now subject to regulation, in Deaton’s opinion, due to the SEC’s recent moves.
Before Deaton’s activities, around 3,000 XRP holders have assured permission to take part in Ripple’s lawsuit against the SEC. Nonetheless, the attorney united over 75,000 investors who suffered losses due to that probe and additional legal action in a class action case against the regulator.
One of the most significant conflicts between authorities and the cryptocurrency industry in the U.S. and worldwide is undoubtedly the SEC’s case against Ripple, which is now in its third year. The company’s CEO, Brad Garlinghouse, believes that the case’s long-awaited resolution might occur as early as this year.
Read more:
- Ripple Has Underscored The Importance Of Federal Laws Providing Clear Guidelines On What Is Prohibited
- Here’s The Truth About Private Versions Of Ripple And XRPL; And What’s About XRP Fee Hike Proposal