Attorney and founder of Crypto Law, John Deaton, took to his social media and warned that the fight against crypto is far from finished.
Deaton said that the SEC’s case against Ripple went beyond just targeting the company—it also claimed that XRP itself was a security, ignoring 75 years of legal precedent. Deaton has represented over 75,000 XRP holders in the ongoing case between Ripple and SEC. Many in the crypto world hoped this was a one-time issue, but when similar lawsuits were filed against platforms like Coinbase and Kraken, it became clear the issue was bigger than just Ripple.
Then came “Chokepoint 2.0,” a push by regulators to clamp down on crypto, along with battles from figures like Caitlin Long and Custodia Bank against the Federal Reserve. Although the recent departure of Gary Gensler from the SEC might suggest an end to some of these fights, Deaton warns that many battles are still ongoing.
One of the biggest concerns now is a legal case against Roman Storm, the developer of Tornado Cash, and two developers of the Samourai Wallet. These cases involve Section 1960 of the U.S. Code, which deals with unlicensed money transmitting businesses. The crypto community had long believed that developers who don’t directly control users’ funds were not considered money transmitters, but the Department of Justice (DOJ) disagrees.
“I hope to help raise awareness of just how significant these cases are. If Roman Storm is found guilty and loses a single day of his freedom, imagine the chilling effect it would have on the DeFi industry,”
He Wrote.
While there’s still debate over issues like spot ETFs and whether some tokens are securities, the real danger to crypto comes from these legal cases targeting DeFi. The fight for crypto’s future is far from over, and Deaton urges the community to stay alert.
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