- Lawyer John Deaton said Ripple CEO Garlinghouse acted “moderately” when commenting on the SEC’s recent actions against Ripple Labs.
- Garlinghouse and Chris Larsen (not only a founder but also a former CEO) provided evidence to the regulatory agency’s legal team “documenting every XRP sale they made.”
- John Deaton noted that the legal battle between Ripple and the SEC is not just about the fate of this company and the XRP token, and criticized those who ignore the case.
As Ripple continues to present important XRP documents in the SEC case, the court is blocking the pressure the SEC wants to put on executives.
XRP Has Not Yielded to SEC Pressure
Lawyer John Deaton commented on a recent series of tweets by Ripple CEO Garlinghouse, saying that the company’s CEO acted “moderately” when commenting on the SEC’s recent actions against Ripple Labs.
Deaton, founder of CryptoLaw, reminded that Garlinghouse and Christopher Larsen, a founder of Ripple, were also sued by the regulatory agency and accused of illegal XRP sales.
Deaton sarcastically said that according to the SEC, Garlinghouse was “careless” when selling XRP without knowing that it was a security. Garlinghouse and Chris Larsen (not only a founder but also a former CEO) provided evidence to the regulatory agency’s legal team “documenting every XRP sale they made.” Nevertheless, according to Deaton, the SEC wanted to see data on every bank and credit/card transaction they made in the last 10 years. Deaton described this as an attempt by the SEC to pressure and intimidate the two top executives of Ripple.
However, Deaton wrote that Judge Netburn, who is presiding over the case, rejected this excessive intervention. Commenting on Garlinghouse’s angry post, Deaton said he could not be so polite himself.
The Ripple Case Could Be Important for the Entire Industry
John Deaton noted that the legal battle between Ripple and the SEC is not just about the fate of this company and the XRP token, and criticized those who ignore the case. He said that this situation is related to the development of the entire crypto sector.
Deaton said that if there are people who only care about their own crypto wallets and “don’t care about the rest, even if the condemnation comes from corrupt regulators exploiting the system,” these people are “part of the problem.” He emphasized the importance of everyone in the crypto sector having a fair competitive environment;
“If you only care about your wallet and don’t care about the rest, even if the condemnation is carried out by corrupt regulators and the system is exploited, then you are part of the problem.”
Deaton admitted that when he filed a lawsuit against the SEC two years ago (a week after the regulator’s charges against Ripple), his Bitcoin and Ethereum wallets were larger than his XRP assets. “Sometimes it shouldn’t just be about your own wallets,” he concluded.
