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John Deaton Poses This Crucial Question to Critic Who Says XRP Is Security

Wed, 05/10/2023 - 11:00
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Godfrey Benjamin
John Deaton has once again defended XRP in new debate about coin's status as security
John Deaton Poses This Crucial Question to Critic Who Says XRP Is Security
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Attorney John Deaton has joined a debate as to whether or not XRP is a security, and it has continued to take center stage in the crypto community, with a top venture capitalist recently proclaiming that XRP is definitely a security.

Deaton's defense to the claims

As a top advocate and proponent of the digital currency and its community, John Deaton has contributed to the argument brought on by a VC by the username Jason, who noted that it would have cost Ripple less than the alleged $200 million it incurred in legal fees to have registered its XRP sale as a security.

Sharing his take, Deaton asked where Ethereum (ETH), Cardano (ADA), Algorand (ALGO) and Stellar (XLM) have registered for them to not be facing the same legal onslaught from the United States Securities and Exchange Commission (SEC).

Deaton's defense of XRP has been quite steady since the lawsuit was brought on back in December 2020. Besides representing about 75,000 XRP holders as amicus curiae in the ongoing lawsuit, Deaton has defended general crypto innovation in the U.S. as he believes the failure to do so will push back innovation in the country.

In his defense, Deaton noted that the claims that XRP was sold as a security is one thing, while the claim that XRP is a security is another thing. He highlighted that XRP is a piece of code inside a software, making as much of a technology as any other innovation.

Ripple: Here's Crypto Lawyer's Insight into SEC-XRP Lawsuit and Its Outcome

More support for Ripple

As reported earlier by U.Today, Ripple's Chief Executive Officer Brad Garlinghouse has been engaged in a war of words with this particular VC over the claims that XRP is not playing by the rules like everyone else.

In his response, Garlinghouse said Jason was wrong about his claims to register as there was no framework to register digital assets officially in the United States. Other industry leaders, including Erik Voorhees, have also rallied around XRP and Ripple in the discussion.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.