John Deaton explains why ETH was picked over XRP to allege in KuCoin case

John Deaton, a pro-crypto lawyer and legal expert, claims that the attorney general chose Ethereum (ETH) even though XRP was traded on KuCoin to accuse the exchange of selling unregistered securities.

According to Deaton, this action is not a coincidence, and regulators—in this case, the NYAG—are purposefully focusing on Ethereum and ultimately staking to end all initiatives of a similar nature.

In addition, he includes a text from a case that suggests ETH owners can make money by just participating in token staking. The attorney asserts that it was a calculated long shot to obtain a default judgment and a finding stating that Ethereum was made available for purchase by the exchange as an unregistered security.

Previously, John Deaton gathered a collection of Ethereum owners to bring a class action complaint against the New York attorney general. More than a thousand complainants have reportedly signed up, but there aren’t enough participants directly from that state. Together with ETH owners, the KuCoin exchange itself has filed a lawsuit against NYAG.

The SEC complaint against Ripple was the subject of a previous class action lawsuit brought by a lawyer on behalf of XRP holders. More than 75,000 complainants gathered, and part of their testimony was later added to the main case.


XRP/USD 4-hour chart | Source: TradingView

At the time of writing, Ripple’s native token is changing hands at $0.3633.

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