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Founder of CryptoLaw.US and Ripple and XRP advocate John Deaton has taken to Twitter to praise the self-control of Ripple chief executive Brad Garlinghouse after the recent actions of the SEC legal team in court.
He also slammed those who care only about their crypto bags while watching the Ripple-SEC case continue on.
Deaton on Garlinghouse's recent thread
Deaton commented on a recent Twitter thread by Garlinghouse, saying that the company's CEO is "showing great restraint" when commenting on the recent actions of the SEC in court against Ripple Labs.
The founder of CryptoLaw reminded the audience that Garlinghouse and one of the Ripple co-founders, Christopher Larsen, have also been sued by the regulatory agency and accused of illegal XRP sales.
Deaton tweeted sarcastically that Garlinghouse, according to the SEC, was "reckless" when he sold XRP, not knowing that "it was a security."
The CEO and Chris Larsen (not only a co-founder but also a former CEO) have provided the regulator's legal team with "evidence documenting every single XRP sale they have ever made." Despite their doing so, the SEC demanded to see data on every bank and credit/debit transaction they made over the past 10 years, per Deaton. He labeled that the SEC trying to bully and intimidate Ripple's two aforementioned high-ranking executives.
However, Deaton wrote, Judge Netburn in charge of the case "shut that gross overreach down." Still, when commenting on the angry thread by Garlinghouse, Deaton stated that he probably would be unable "to be so politely stern."
IMO, @Ripple’s CEO is showing great restraint here. After a 2 1/2 year investigation, he was personally sued - in a non-fraud case - where it was alleged that he was reckless in not knowing #XRP was a security in 2015 when SEC enforcement lawyers themselves couldn’t determine if… https://t.co/1TYkHLP4Oj
— John E Deaton (@JohnEDeaton1) June 14, 2023
"Sometimes it can't be just about your bags"
John Deaton has also criticized those who may be overlooking (voluntarily or not) the fact that the legal war between Ripple and the SEC is not only about the fate of this company and the XRP token. It is about the development of the entire crypto industry.
Deaton tweeted that if there is someone who only cares about their crypto bags rising, "the rest be dammed even if the damnation is coming from corrupt regulators cashing out and taking advantage of the system” then these people are also “part of the problem."
Everyone in the crypto should care about having a level playing field. If all you care about is your token or bags going up and the rest be dammed even if the damnation is coming from corrupt regulators cashing out and taking advantage of the system, then you're part of the problem.
As for Deaton himself, in a tweet published on June 13, he admitted that when he sued the SEC on Jan. 1 two years ago (a week after the regulator filed charges against Ripple), his Bitcoin and Ethereum bags were bigger than his XRP holdings. "Sometimes it can't be just about your bags," he concluded.
All I’ll say right now:
— John E Deaton (@JohnEDeaton1) June 13, 2023
When I filed the case against the SEC 9 days after the @Ripple lawsuit on January 1, 2021 and when I highlighted the #Ether free pass and all the conflicts of interests and appearances of impropriety involved, I owned 10 times more in #Bitcoin and 4…
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