Pro-Ripple lawyer John Deaton has taken to Twitter to predict a positive outcome in crypto's push for regulatory clarity from the United States Securities and Exchange Commission (SEC).
As reported, Deaton voiced support for Coinbase's Writ of Mandamus, which marks another formal step to seek regulatory clarity from the SEC for the crypto industry.
I researched Mandamus Writs 2 1/2 years ago. Coinbase is on solid legal grounds here. Over a year ago, I said the Crypto industry will win in court. The SEC does not have the law on it’s side, and the facts the SEC has created the last 6 years puts them on the losing side.— John E Deaton (@JohnEDeaton1) April 25, 2023
The CryptoLaw founder made it known in recent tweets that he has read the Coinbase Writ of Mandamus, which he says remains on track. He, therefore, predicts a win for crypto, while recounting his earlier prediction that Grayscale would win regarding a BTC spot ETF.
Deaton maintains his earlier stance that the crypto industry will win in court. He gives two reasons for his belief that crypto will win: first, the SEC does not have the law on its side. Second, the facts the SEC has created in the last six years put it on the losing side.
According to Deaton, SEC lawyers lacked the necessary good faith to contend that XRP secondary market sales, which were made entirely independently of Ripple, were likewise securities.
As reported, Deaton expressed that he had no doubt Ripple would win in the Supreme Court and the SEC's gross overreach would be shut down. He says that Ripple's summary judgment brief is already an extremely well-written appellate brief.
Already, the regulator has seen five losses in six cases in the Supreme Court, with the most recent one, SEC v. Cochran, decided on April 14. Ripple General Counsel Stuart Alderoty recently took to Twitter to highlight the SEC's losing streak in the Supreme Court.
Not only Deaton but pro-Ripple attorney Jeremy Hogan believes Ripple should prevail in the lawsuit given the paucity of evidence presented by the SEC and the overwhelming majority of the evidence that XRP purchasers did not rely on the efforts of Ripple.
While optimism remains ahead of the imminent decision regarding the Ripple lawsuit, the crypto community keeps its fingers crossed on the possible outcome of this key event.