John Deaton, the creator of CryptoLaw.US and a supporter for Ripple and XRP, recently praised Brad Garlinghouse, the CEO of Ripple, on Twitter for his composure in the wake of the SEC legal team’s recent court actions.
While seeing the Ripple-SEC case develop, he also criticised people who just have an eye on their cryptocurrency wallets.
Deaton on Garlinghouse’s recent thread
Deaton responded to a recent discussion on Twitter started by Garlinghouse, noting that the CEO of the business is “showing great restraint” in his comments regarding the SEC’s recent legal moves against Ripple Labs.
Garlinghouse and Christopher Larsen, one of the Ripple co-founders, have both been sued by the regulatory body and accused of making illicit XRP sales, the founder of CryptoLaw recalled to the audience.
Deaton mockingly tweeted that Garlinghouse, in the words of the SEC, was “reckless” when he sold XRP without realising “it was a security.”
The CEO and Chris Larsen, a co-founder and previous CEO, have given the legal team of the regulator “evidence documenting every single XRP sale they have ever made.” Despite this, according to Deaton, the SEC asked to examine information on each and every bank transaction and credit/debit transaction they had done in the previous ten years. He said that the SEC was attempting to intimidate and harass the two high-ranking officials of Ripple.
Deaton noted that the case’s judge, Netburn, “shut that gross overreach down.” Still, Deaton admitted that he probably wouldn’t be able “to be so politely stern” in response to Garlinghouse’s irate post.
“Sometimes it can’t be just about your bags”
John Deaton has also criticised anyone who could be ignoring (willingly or unwillingly) the reality that the legal battle between Ripple and the SEC concerns more than just the future of this business and the XRP coin. It concerns the growth of the whole cryptocurrency sector.
Deaton stated on Twitter that anyone who solely cares about their cryptocurrency holdings is “part of the problem,” adding that “the rest be damned even if the damnation comes from corrupt regulators cashing out and taking advantage of the system.”
A level playing field should be important to everyone in the cryptocurrency industry. You are a part of the issue if all you care about is your token or bags going up and the rest be damned, even if the damnation comes from crooked regulators cashing out and abusing the system.
As for Deaton, he acknowledged in a tweet on June 13 that his Bitcoin and Ethereum bags were larger than his XRP holdings when he sued the SEC on January 1 of last year (a week after the agency brought accusations against Ripple). “Sometimes it can’t just be about your bags,” he said in conclusion.
