In a series of tweets, XRP lawyer John Deaton vehemently rebutted detractors of Judge Torres’ recent decision in the Securities and Exchange Commission’s (SEC) case against Ripple.
Deaton used the occasion to chastise individuals who have criticised Torres for her choice and who have long contested the SEC’s policies regarding cryptocurrencies, notably XRP.
The lawyer explained his stance by saying that he would have filed a lawsuit against the SEC in 2013 if he had held Bitcoin (BTC), at the time when SEC authorities were proclaiming it to be a security, just as he has done in the present case concerning Ripple’s XRP. Additionally, he would have taken the same action if the SEC had levelled comparable charges against Ethereum (ETH).
He emphasised that his stakes in BTC and ETH were much higher than his holding in XRP, highlighting the fact that his legal efforts are driven by philosophy rather than financial gain.
The lawyer also discussed his disagreement with Vitalik Buterin, another co-founder of Ethereum, on how the SEC handled XRP and Ethereum differently. He continued by arguing that he gave a chronology of facts rather than turning to conspiracy theories in order to support his critique of the SEC’s treatment of XRP and how it favoured ETH.
Deaton said that he opposed the SEC’s overreach not just as an owner of XRP but also as a proponent of equitable and open laws for the cryptocurrency sector.
Deaton supported Judge Torres’ judgement in his last tweets, asserting that it was a good one based on a rigorous application of the Howey principles.
He stated that XRP does not have a common enterprise component established by the SEC. Additionally, he emphasised Torres’ successful track record in appeals and asserted that it would take more than chance for the SEC to overturn her ruling. To those who disagree with Judge Torres’ judgement, Deaton’s vehement defence of it and condemnation of the SEC send a clear message: justice and principle must triumph in the realm of cryptocurrency regulation.
