Pro XRP Lawyer Takes Jibe at SEC, Says Gary Gensler Won’t Remain Chairman Forever
In the ongoing U.S. Securities and Exchange Commission. v. Ripple lawsuit, John Deaton, who is serving as the amici counsel representing more than 75,000 XRP holders, took to Twitter to criticize the SEC and its chairman Gary Gensler.
Deaton was reacting to news that a U.S. bankruptcy judge had cleared the way for bankrupt cryptocurrency lender Voyager to sell its assets to Binance in a $1.3 billion deal, overruling the SEC’s objections.
According to Deaton, the Voyager decision is another instance of a federal judge declaring that the SEC’s arguments are without a foundation. He cited examples that are related to the Ripple lawsuit and claimed that a federal judge clearly declared in a written order that SEC attorneys lacked loyal allegiance to the law.
“In Ripple, the judge said SEC lawyers are more interested in advancing their own agenda than adhering to the law. Think about how significant that is. How do SEC lawyers enforce the law if they don’t honor the law? As a former federal prosecutor, I’d be ashamed,” he wrote.
As the prolonged legal dispute nears its conclusion, Deaton is certain that Ripple will triumph in its legal struggle. Deaton stated during a Fox Business interview that the SEC’s case against Ripple was rife with contradictions and that the SEC was very likely to lose.
“I think the SEC is going to lose but that doesn’t mean Ripple’s going to get an outright win either. But I think the SEC is going to lose that summary judgment because of the theory that they went with. Normally when you go after a promoter you say, well on this particular day you made an unregistered Securities offering or sell and that particular transaction was a security investment contract and now they’re saying that all sales of XRP-the token itself is a security and that’s the problem,” he said.