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.
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.
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.