Pro-Ripple Lawyer Faults Michael Saylor's Bitcoin Maxi Stance, Here's Why

Attorney John Deaton, the pro-Ripple and digital currency lawyer, has called out Michael Saylor, the chairman of business intelligence firm MicroStrategy Incorporated, over his stance on Bitcoin maxis. The digital currency ecosystem has been riled up since the news of the onslaught of key firms in the industry by the U.S. SEC began making the rounds earlier this month.

In a recent interview with The New York Times, SEC Chairman Gary Gensler said he considers every digital currency apart from Bitcoin as a security. It is on this premise that Saylor based his recent comment, noting that:

“Consensus is building that everything in the #Crypto industry other than #Bitcoin is a security, destined to be regulated by the @SECGov. This makes $BTC the only crypto-asset suitable for use as global money.”

Not true. Outside of @GaryGensler’s 🧠 and #BTC Maxis, there’s no consensus everything other than #Bitcoin is a security. There certainly isn’t a consensus w/in the legal community. Software code is NOT a security. It, like any other asset, can be offered and sold as a security. https://t.co/MokmwLr7Ok

— John E Deaton (@JohnEDeaton1) February 27, 2023

In response, John Deaton said the talk about "consensus" is not true and that it is only Gary Gensler and Bitcoin maxis that chose to believe other cryptocurrencies are securities.

Deaton argues that the regulator will have to fight to prove that every digital asset is indeed security on a case-by-case basis. Deaton went on to say that despite Saylor earning his mark as a brilliant MIT-trained scientist, what he was saying was very wrong.

One claim cannot rub off on all

The stance of John Deaton over the years has been to defend the claims that some cryptocurrencies like XRP are sold as unregistered securities. The crypto advocate has earned a badge as one of the most responsive legal minds helping to shed light on the ongoing case and what it means for millions of supporters.

This is one of the most renowned attempts to correct the position of most Bitcoin maxis who believe that only Bitcoin, without a central start-up or body managing it, is the one true digital currency for all.