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XRP Holders' Lawyer on What Is Needed to Fight SEC

Sun, 03/05/2023 - 12:47
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Gamza Khanzadaev
John Deaton calls for unity against SEC in crypto community
XRP Holders' Lawyer on What Is Needed to Fight SEC
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Pro-crypto lawyer and legal representative for XRP holders, John Deaton, has called on the crypto community to unite in the face of the regulatory threat unleashed by the U.S. Securities and Exchange Commission. It is time for the crypto community to think outside the box and get organized, says lawyer. As an example, he cites the opportunity for all companies touched by the regulator's baton to meet, share ideas and develop coordinated strategies.

Ripple Loses, But XRP's Sales Are Clarified, Crypto Lawyer on Possible Outcome of Case

According to Deaton, the SEC's recent actions are a full-fledged war against the crypto market, with everything falling under regulation regardless of whether it is a security, who distributed it, or what circumstances were surrounding it.

SEC v. Ripple and XRP holders

Previously, not least because of Deaton's actions, permission to participate in Ripple's case against the SEC was guaranteed for about 3,000 XRP holders. In a class action lawsuit against the regulator, however, the lawyer was able to bring together more than 75,000 investors who suffered losses as a result of that investigation and further legal action.

Ripple Will Definitely Lose Against SEC, Crypto Executive Says

The SEC's case against Ripple, now in its third year, is probably one of the central battles between regulators and the crypto industry in the U.S. and around the world. According to the company's CEO, Brad Garlinghouse, the long-awaited end to the case could come as soon as this year.

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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.