Prominent crypto lawyer criticizes SEC’s excessive intervention in ripple case and defends financial f
Ripple
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John Deaton, a prominent crypto lawyer, said regulatory actions against the crypto industry point to significant government overreach and intrusion into the private sector.
Deaton did it expression On social media on January 22, he specifically called out the actions of various federal agencies, including the SEC, FBI, EPA, and Federal Reserve, likening their operations to Orwell’s ‘Big Brother’ scenario.
His comments reflect a growing sentiment within the cryptocurrency community about the balance between regulation and financial freedom.
Ripple case
Deaton’s criticism was specifically directed at the SEC’s lawsuit against Ripple Labs Inc., CEO Brad Garlinghouse and co-founder Chris Larsen. The lawsuit, launched in December 2020, accused Ripple of engaging in an unregistered securities offering through the sale of XRP.
He criticized the SEC’s broad classification of XRP tokens as illegal securities, arguing that it was an unconstitutional expansion of the watchdog’s authority. Deaton added that the dismissal of the charges against Brad Garlinghouse and Chris Larsen showed that the regulator had abused its power.
Deaton also noted that prior to the lawsuit, major players such as Coinbase and MoneyGram had conducted due diligence on XRP without any objection from the SEC, which points to a lack of clarity and consistency in the regulator’s approach to cryptocurrencies.
Recent developments in the case strengthen his claim. Judge Analisa Torres ruled in part in favor of Ripple Labs, ruling that sales of XRP on digital asset exchanges did not constitute a security.
Deaton suggested that the case was being used as a weapon against Ripple since he filed a Writ of Mandamus against the SEC shortly after the lawsuit was announced.
Attack on financial freedom
Deaton, who took legal action against the SEC on behalf of XRP investors, users and developers, explained that his case was motivated by the broader consequences of the SEC’s actions rather than personal financial interests.
He stated that his holdings in XRP are minimal compared to other investments such as Bitcoin and ethereum. For Deaton and 75,000 others, the case represents an attack on a crucial freedom: financial freedom. He argued that in America, people should have the autonomy to own legal assets that benefit their lives without government interference.
The lawyer also criticized the Accredited Investor Rule, seeing it as a tool for elites to restrict the financial mobility of the majority of the population. He said the rule was a mechanism to maintain dependence on the government and restrict access to financial opportunities.
#Prominent #crypto #lawyer #criticizes #SECs #excessive #intervention #Ripple #case #defends #financial
Ripple
-legal.jpg” />
John Deaton, a prominent crypto lawyer, said regulatory actions against the crypto industry point to significant government overreach and intrusion into the private sector.
Deaton did it expression On social media on January 22, he specifically called out the actions of various federal agencies, including the SEC, FBI, EPA, and Federal Reserve, likening their operations to Orwell’s ‘Big Brother’ scenario.
His comments reflect a growing sentiment within the cryptocurrency community about the balance between regulation and financial freedom.
Ripple case
Deaton’s criticism was specifically directed at the SEC’s lawsuit against Ripple Labs Inc., CEO Brad Garlinghouse and co-founder Chris Larsen. The lawsuit, launched in December 2020, accused Ripple of engaging in an unregistered securities offering through the sale of XRP.
He criticized the SEC’s broad classification of XRP tokens as illegal securities, arguing that it was an unconstitutional expansion of the watchdog’s authority. Deaton added that the dismissal of the charges against Brad Garlinghouse and Chris Larsen showed that the regulator had abused its power.
Deaton also noted that prior to the lawsuit, major players such as Coinbase and MoneyGram had conducted due diligence on XRP without any objection from the SEC, which points to a lack of clarity and consistency in the regulator’s approach to cryptocurrencies.
Recent developments in the case strengthen his claim. Judge Analisa Torres ruled in part in favor of Ripple Labs, ruling that sales of XRP on digital asset exchanges did not constitute a security.
Deaton suggested that the case was being used as a weapon against Ripple since he filed a Writ of Mandamus against the SEC shortly after the lawsuit was announced.
Attack on financial freedom
Deaton, who took legal action against the SEC on behalf of XRP investors, users and developers, explained that his case was motivated by the broader consequences of the SEC’s actions rather than personal financial interests.
He stated that his holdings in XRP are minimal compared to other investments such as Bitcoin and ethereum. For Deaton and 75,000 others, the case represents an attack on a crucial freedom: financial freedom. He argued that in America, people should have the autonomy to own legal assets that benefit their lives without government interference.
The lawyer also criticized the Accredited Investor Rule, seeing it as a tool for elites to restrict the financial mobility of the majority of the population. He said the rule was a mechanism to maintain dependence on the government and restrict access to financial opportunities.
#Prominent #crypto #lawyer #criticizes #SECs #excessive #intervention #Ripple #case #defends #financial
