The legal battle between Ripple and the SEC has the potential to affect the entire cryptocurrency market. With this percentage, the eyes of all crypto players are focused on which side will win this fight. XRP lawyer says the SEC wants to wage a political war against crypto at the expense of gaining it legally.
John Deaton: Coinbase Writ was the right move!
Citing Coinbase’s Mandamus Petition, XRP attorney John Deaton recalled that the U.S. Securities and Exchange Commission (SEC) devalued President Gary Gensler’s public comments. The SEC recently took this stance when it asked the Judge to reject Coinbase’s request to respond to the agency’s petition to set a rule. In 2022, Coinbase filed a petition seeking clarification on how securities laws apply to the cryptocurrency market.
Attorney John Deaton represents over 70,000 XRP token holders in the Ripple and SEC litigation. Deaton said the SEC wanted to wage a political war at the expense of winning legally. Overall, Coinbase explained that Writ is the right move.
Ripple lawyer reveals SEC’s war on crypto
XRP Advocate says the SEC’s fight is on three separate fronts. He notes, however, that he chose to be politically correct. cryptocoin.comRecently, the XRP and SEC lawsuit took a new form after oversight Judge Analisa Torres denied the SEC’s request to hide the Hinman emails. Finally, the two parties received a week extension for the release date of the documents. In this context, Deaton makes the following statement:
There are 3 separate Courts in the Administration’s war against Crypto: the Court of Public Opinion, the Court of Congress, and the Federal Courts. The Coinbase post was the right move. It doesn’t matter that they lost this legal battle in only 1 of the 3 Courts where the war was fought.
John Deaton says the Coinbase post essentially works against the SEC. “The more the SEC talks, the more credibility it loses,” he says. Deaton argues that the SEC is trying to push a political agenda. From this, he states that the SEC wants to win at all costs. However, he adds, fairness and investor protection are damned.
Why didn’t the US SEC appeal?
Reports indicate that the US SEC has the option to file an interim appeal against the decision announced around Hinman Docs. So the US SEC had the option to file a provisional appeal against the decision. The commission had 10 days to reassess the issue.
Attorney John Deaton takes the position of amicus curiae in the XRP case. Deaton gives some reasons why the US SEC did not file an appeal. He stresses that the Commission could submit a Mandamus Paper, but that would fail. He adds that even if the judge allowed them to file an interim appeal on the documents, that would also fail.
It states that the 2nd Circuit Court of Appeals will not overturn its decision that the email linked to Hinman’s speech was not protected by attorney client or Negotiation process privilege. The lawyer for the XRP holders denies the rumors around the settlement talks between the parties. He notes that if the transcripts of Hinman’s speech lead to a settlement in the case, he will come before they are handed over to the defendants.
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