- Attorney Deaton suggests that the Ripple case could have been expedited if the testimonies of former SEC officials were taken at the onset of the lawsuit.
- Had the testimonies of Bill Hinman and Jay Clayton been sought at the beginning of the case, the proceedings could have been more favorable for XRP
- If the 21st Century Compliance Act is enacted, the SEC’s influence will be weakened in favor of cryptocurrencies.
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The ongoing Ripple lawsuit, one of the most significant in the crypto world, could have taken a different turn if the statements of former SEC officials were considered earlier. This delay has resulted in XRP missing out on the 2021 bull season and the case could potentially drag on for another two years.
Attorney’s Perspective on the Ripple Case
Attorney John E. Deaton, a supporter of XRP, has criticized the U.S. Securities and Exchange Commission (SEC) for its allegations of aiding and abetting against Ripple CEO Brad Garlinghouse. Deaton, who is closely followed by XRP investors, regularly shares updates on this matter.
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Deaton highlighted the importance of the testimonies of former SEC officials Bill Hinman and Jay Clayton during the U.S. SEC and Ripple Labs lawsuit. If these statements had been validated by the SEC earlier, XRP Coin and many other cryptocurrencies could have avoided the “investment contract” label for a longer period.
The Ripple Lawsuit
According to Deaton, Clayton, the former SEC chairman, should definitely testify in the lawsuit. Clayton had discussions with Ripple’s CEO and CTO, during which Brad Garlinghouse conveyed that Ripple was in limbo following Hinman’s speech. However, neither Clayton nor Hinman explicitly stated that XRP was categorized as a security.
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Deaton believes that the testimonies of these two individuals could have prevented the lawsuit from dragging on, incurring high costs, and creating uncertainty. However, the current administration, which is not as flexible as its predecessors, has avoided any steps that could potentially be against them. This has resulted in the lawsuit against XRP Coin, which was launched during a period of “legal uncertainty”, being prolonged.
For now, investors are focused on whether the SEC’s appeal application will be approved by the second circuit in September. However, it is expected that cryptocurrency laws will take shape next year. Particularly, if the 21st Century Compliance Act is enacted soon, it will strengthen the hand of the CFTC and greatly help altcoins escape from the investment contract/security category.