The post Ripple vs. SEC: John Deaton Commends Ripple’s Decision to Battle SEC in Court appeared first on Coinpedia Fintech News
John Deaton is known for his strong stance, he believes Ripple will come out of this regulator mess soon and come as a winner. Recently he praised Ripple Labs Inc. for its decision to fight the United States Securities and Exchange Commission (SEC) rather than settle the score. Deaton, who represents XRP holders, believes that Ripple’s stance against the SEC’s allegations demonstrates their commitment to not succumbing to regulatory pressure.
The issue is if this goes on how many companies have the capital to fight like Ripple? The SEC should eventually pay court fees for frivolous lawsuits. A government with “unlimited” resources could bankrupt most enterprises.
Deaton Cheer’s Ripple Decision to Fight Back
In response to a post from Ripple Labs’ Chief Legal Officer (CLO), Stuart Alderoty who emphasized the importance of challenging regulators, crypto attorney John Deaton hailed Ripple for its decision not to settle with the SEC. Deaton sees this as a bold move that demonstrates Ripple’s refusal to be intimidated by the regulator, even though it may have had political agendas.
Stop bowing down to transient regulators. Fight back if you can. Kudos to Ripple and its two executives, sued individually for the sole purpose of intimidation, for not settling like the SEC assumed. https://t.co/E0uMzqBDwM
— John E Deaton (@JohnEDeaton1) August 31, 2023
In his earlier X post-Alderoty said “The SEC is getting battered in the court. In our case it’s been proven wrong, been called hypocritical, lacking faithful allegiance to the law.”
Deaton and other industry leaders view Ripple’s handling of the lawsuit, including its executives Brad Garlinghouse and Chris Larsen, as a unique decision that could benefit the entire crypto industry in the long run. Ripple recently secured a temporary win when Judge Analisa Torres ruled that XRP is not a security when traded on secondary markets. However, the SEC has actively contested this win and has been granted permission to file an interlocutory appeal.
What to Expect Now?
Does this appeal threaten the verdict or is it only a procedural requirement, as many industry experts, like John Deaton, argue? Although the SEC is appealing, experts like John Deaton believe it may not impact the verdict. The decision won’t be official until the appeals process is over. If Judge Torres’s verdict is upheld, XRP’s price might surge.
Currently, XRP is trading at $0.52, if the price goes back up to the $0.55 area, it will mean that the direction is still down and that the breakdown is not real. In that case, prices could go up by 85%.