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XRP Holders' Lawyer Calls out SEC in Response to Bittrex Settlement

Fri, 08/11/2023 - 15:11
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Godfrey Benjamin
Crypto lawyer John Deaton has called out SEC again for profiting off settlements with crypto firms it sues
XRP Holders' Lawyer Calls out SEC in Response to Bittrex Settlement
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The latest settlement inked by the duo of Bittrex exchange and the United States Securities and Exchange Commission (SEC) has sparked a mixed reaction among members of the crypto ecosystem, including pro-crypto lawyer John Deaton. Taking to his favorite podium, Deaton called out the market regulator, posing a somewhat rhetorical question surrounding the number of investors it has protected via the Bittrex crackdown.

Pro-Ripple Lawyer Says SEC Used Ripple's Transparency Against It and Brad Garlinghouse

Known for his critical stance when it comes to the SEC, John Deaton called out the undue shift of the commission as a beneficiary in the BlockFi Bankruptcy saga. Deaton was apparently referring to the settlement agreement between the embattled crypto lender and the regulator, which cost the sum of $100 million in the first quarter of 2022.

To Deaton, the SEC became the biggest creditor in the BlockFi deal even ahead of the retail investors it always claimed to be protecting.

Additionally, the XRP holders' lawyer introduced yet-to-be-resolved aspects of the Ripple v. SEC lawsuit, including the possible preapproval of the Hinman speech by the commission's ethics office. In all, the revered attorney called out the SEC to ensure it cleans its own house before attempting to clean up the perceived rot on Wall Street and in the digital currency ecosystem.

Ripple CEO on Hinman Emails: "I Don’t Have a Single Polite Word"

More expected settlements

With the bouts of crackdowns the SEC has carried out on crypto entities thus far this year, there might be great hope for more settlements underway.

However, two of the biggest targets marked by the SEC thus far, including Coinbase and Binance, have chosen to fight the regulator head-on, joining other pending high-profile crypto cases like the XRP lawsuit.

With neither Coinbase nor Binance ready to settle, the industry has rallied around both firms as their wins and that of Ripple Labs have been tagged as crucial for the survival and evolution of the blockchain ecosystem in the United States.

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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.