John E. Deaton, a lawyer who represented Ripple in the case against the U.S. Securities and Exchange Commission (SEC), shared his thoughts on the matter in a viral tweet yesterday. He had something to say on this topic, so let’s dive in.
Deaton revealed that he fought against SEC Chair Gary Gensler’s agency on behalf of 75,000 XRP token holders, including 627 from his home state of Massachusetts. He goes by saying: “I did it all pro bono and spent $75,000 of my own money prosecuting the case.”
The lawyer expressed his frustration with the SEC’s conduct throughout the legal proceedings. “Every time I believed the SEC couldn’t degrade itself any further, the lawyers at the SEC proved me wrong,” Deaton remarked.
Judicial Criticism of the SEC
Deaton highlighted that a lifelong Democrat judge, appointed by former President Barack Obama, agreed with his arguments and relied on some of the evidence and briefing he provided to the court. The judge’s ruling clearly stated that XRP itself is not a security, aligning with Deaton’s predictions.
The lawyer also pointed out several instances where the SEC faced criticism from the judiciary:
- A federal judge found that SEC lawyers “lack faithful allegiance to the law” and called them hypocrites who would say anything to win an argument.
- An appellate court determined that the SEC had acted arbitrarily and capriciously, which Deaton noted is “one of the hardest legal standards to meet.”
- In the Debt Box case, the SEC was sanctioned by a federal judge for intentionally lying to the court and committing other misconduct.
Deaton accused the SEC of “ignoring reality, as well as a court ruling, to continue its unethical behavior.” He questioned the lack of outrage from senators on the Banking Committee overseeing the SEC, specifically calling out Senator Elizabeth Warren.
The lawyer concluded by drawing on his experience as a Special Assistant United States Attorney, suggesting that he had prosecuted cases of suborning perjury with less evidence than what he perceives in the current situation.
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