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Ripple v. SEC: Lawyer Allegedly Leaves Case, XRP Holders' Representative Outlines What It Means

Tue, 06/27/2023 - 09:34
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Gamza Khanzadaev
John Deaton expresses mixed feelings as SEC lawyer allegedly departs Ripple case
Ripple v. SEC: Lawyer Allegedly Leaves Case, XRP Holders' Representative Outlines What It Means
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In a recent update to the SEC v. Ripple case, attorney and legal representative of XRP holders, John Deaton, took to Twitter to express his initial excitement followed by a disappointing revelation. Deaton received an email filing regarding the case, which initially caused butterflies in his stomach. However, his hopes were quickly dashed as he discovered that the email simply announced one lawyer's withdrawal from the case.

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Deaton promptly clarified the implications of this withdrawal, stating that it holds no substantial significance for the ongoing legal battle between Ripple and the SEC. Importantly, he emphasized that the lawyer's departure should not be misconstrued as a signal that the case is settled or that any substantive changes have occurred. The withdrawal, in itself, does not alter the trajectory of the litigation, concluded Deaton.

While Deaton sought to address any potential concerns or misinterpretations, another legal expert, Marc Fagel, shared a related perspective on the situation. Fagel, a former attorney and former SEC director in San Francisco, expressed solidarity with Deaton, revealing that he, too, experienced similar excitement followed by a letdown upon hearing the news.

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When asked about the turnover within the SEC during Chairman Gary Gensler's tenure, Fagel offered, however, more controversial insights. Drawing from his experience and observations, Fagel stated anecdotally that the turnover rate has increased. Fagel speculated on potential reasons for the uptick, mentioning staff dissatisfaction with Gensler's leadership or a robust job market for defense counsel due to the SEC's more aggressive stance.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.