SEC Set to Lose Lawsuit Against Ripple: Crypto Lawyer John Deaton
- Crypto lawyer John Deaton is confident that the U.S. Securities and Exchange Commission (SEC) will lose its case against Ripple.
- Deaton has pointed out four instances where different judges dismissed the SEC’s arguments as meritless and even reprimanded their ethics and behavior.
- SEC Chair Gary Gensler’s proposed approach of using the outdated Howey Test to prove that cryptos require registration sparks concern among legal experts.
John Deaton’s Statement on SEC vs Ripple Lawsuit
CryptoLaw founder John Deaton, who is a pro-XRP lawyer, recently expressed his belief that the United States Securities and Exchange Commission (SEC) would lose its case against Ripple. This statement was in response to a tweet by former SEC enforcement official John Reed Stark about the regulator’s crackdown on US-based cryptocurrency exchanges.
Deaton supported his assertion by mentioning four instances where different judges found the SEC’s arguments to be meritless. He claimed that in the Ripple lawsuit, the judge shamed the SEC for not having a faithful allegiance to the law. The legal expert also mentioned SEC cases against LBRY, Grayscale, and Voyager, where judges dismissed the regulator’s arguments as lacking clarity or making no sense, and even reprimanded the SEC’s ethics and behavior.