Pro-XRP Lawyer John Deaton Discusses Ripple’s Legal Developments
Pro-XRP lawyer John Deaton recently addressed the significant developments surrounding Ripple, particularly in relation to the ongoing lawsuit that has spanned the past three years. During an appearance on the Good Morning Crypto Show, Deaton emphasized the critical need for government transparency. He highlighted how figures like Senator Elizabeth Warren, despite her anti-crypto stance, have not questioned SEC Chair Gary Gensler’s private meetings with Sam Bankman-Fried.
Concerns Over Lack of Transparency
Deaton pointed out the troubling lack of transparency surrounding these meetings, noting that no records have been made public despite Bankman-Fried being the second-largest donor to the Democratic Party. This raises significant concerns about secrecy in government dealings and the potential for conflicts of interest.
Findings from the Ripple Case
Deaton delved into the findings from the Ripple case, revealing that internal SEC emails showed officials preferred to keep regulations ambiguous, particularly regarding Ethereum. This lack of clarity was seen as a strategic move to maintain flexibility in enforcement actions. Deaton argued that the SEC benefits from vague laws, which allow them to act selectively when it suits their agenda.
He stated, “We need to get that transparency. We learned in the Ripple case, we got some of the emails between different SEC folks where they were actually saying things like, ‘We’d rather have it vague. If we say something about Ethereum, it’ll limit our ability to go after them.’ Our government, like the SEC, loves for the law to be vague because it allows maximum opportunity to prosecute people and engage in regulation by enforcement.”
Inspector General’s Investigation
Deaton also brought attention to an ongoing investigation by the Inspector General, following a lawsuit by Empower Oversight against the SEC over conflicts of interest, particularly regarding the treatment of Ethereum. The results of this investigation are eagerly awaited, as they could shed light on the SEC’s internal decision-making processes and potential biases.
Conclusion of Ripple’s Legal Battle
For those unfamiliar, Ripple’s legal battle with the U.S. Securities and Exchange Commission has officially concluded. Ripple’s Chief Legal Officer confirmed the end of the case, marking a significant victory for XRP holders who have closely followed the lawsuit since its inception in 2020. This resolution represents a major milestone in the ongoing debate over crypto regulation and the need for greater transparency in government actions.
