XRP Lawyer John Deaton Highlights Ripple’s Remarkable Growth Amidst Prolonged Lawsuit Against SEC – Coinpedia Fintech News
XRP attorney John Deaton recently took to X and shared a lengthy post admiring Ripple’s immaculate growth over the past three years despite many challenges and a tough bear time.
Highlight on Ripple’s Considerable Growth
John Deaton, in his X post says, “Even if you hate Ripple or XRP, you have to be impressed by what Ripple has accomplished during the last three years. Not only did it grow its business – almost tenfold – during an extended brutal bear market, but did so while under the dark cloud of an SEC enforcement action which prevented any real growth within the United States.”
Deaton focuses on his point of empowering employment. At a time when many businesses were cutting staff because of the prolonged bear market in the crypto industry and other economic factors, Ripple was hiring, demonstrating the firm’s tenacity. Deaton went on to say that prejudice, conflicts of interest, and compromise inside the SEC were the driving forces behind the legal obstacles Ripple had to overcome.
He stated his opinion, supported by industry insiders and the judgment of Judge Analisa Torres, that XRP is not a security. The world’s most outstanding and knowledgeable individuals, including Chris Giancarlo, Brian Brooks, and Joe Grundfest, concurred that the lawsuit against Ripple should have been resolved long ago. However, Gary Gensler and Elizabeth Warren’s assault on cryptocurrency wouldn’t let it.
Deaton Alleges SEC-SBF Insider Connection
The highly publicized legal dispute between Ripple and the SEC has lasted for over four years, costing Ripple over $100 million in legal bills and generating great interest in the cryptocurrency world. On the other hand, LBRY nearly filed for bankruptcy because of paying massive amounts in legal bills to defend against the SEC’s allegations.
John Deaton shares his unconventional viewpoint. In his post, he urges readers to carefully consider the fact that FTX’s founder, Samuel Bankman-Fried, met with the SEC, CFTC, and members of Congress regularly while the SEC was prosecuting Ripple, its CEO Brad Garlinghouse, co-founder and executive Chris Larsen, along with LBRY and its former CEO Jeremy Kauffman, and many other respectable industry players who were never alleged to have committed fraud or misrepresentation.
During the SBF trial, Caroline Ellison testified that SBF provided the Administration with $10 million to get access to regulators. This worked out wonderfully, given that SBF had many private meetings with top SEC staff members and twice met in private with Gary Gensler.
That being said, Deaton made these remarks in light of a significant victory for Ripple. Judge Analisa Torres finally dropped all charges against Ripple officials for allegedly selling XRP coins earlier this week, giving the company’s supporters newfound hope.
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