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Deaton is confident that the SEC will lose its argument that all XRP sales are security
Attorney John Deaton, the founder of Crypto Law, said it is absurd for the Securities and Exchange Commission to argue that all XRP sales are security. Deaton, who is representing over 75,000 XRP holders in the Ripple vs. SEC lawsuit, noted that the securities regulator lacks “good faith” to put up the argument in the first place.
“I said the SEC lacks good faith to argue that each and every sale of XRP made by anyone from the beginning of time until the end of the world is a security,” attorney Deaton said in a tweet.
According to the founder of Crypto Law, the Securities and Exchange Commission will lose its case against Ripple if it continues to hold on to the argument that every XRP sale is a security.
“It’s an absurd argument that they will lose,” he concluded.
This is what I said the first moment I read the @Ripple XRP complaint. I said the SEC lacks good faith to argue that each and every sale of XRP made by anyone from the beginning of time until the end of the world is a security. It’s an absurd argument that they will lose. https://t.co/wKVvRAIf5x
— John E Deaton (220K Followers Beware Imposters) (@JohnEDeaton1) November 2, 2022
Deaton Says SEC Is Obsessed With XRP
The SEC claims that Ripple violated U.S. securities laws following its 2013 Initial Coin Offering (ICO). Attorney Deaton has always slammed the Securities and Exchange Commission for not being specific about what XRP sales constitute a security. Unfortunately, the agency insists that every XRP sale, including those conducted on secondary markets, constitutes a security.
Meanwhile, the lawsuit prompted United States-based exchanges to delist XRP as they feared that the SEC could charge them for facilitating the trading of the coin. Based on this, many XRP investors were plunged into huge losses as the price of the cryptocurrency slumped.
On Monday, attorney Deaton requested to file the much-anticipated amicus curiae brief on behalf of more than 75,000 XRP investors in the ongoing Ripple vs. SEC lawsuit.
In the amicus brief, Deaton said the SEC is obsessed with XRP to the extent that it does not care about the circumstances surrounding the offering. He added that the obsession has led the SEC to sidestep a legitimate Howey analysis.