In a significant development in the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple, Republican candidate and pro-crypto lawyer John Deaton has taken a stand to represent Ripple (XRP) holders as an amicus counsel.
According to a post by Fox journalist Eleanor Terrett, a filing for Deaton’s appearance as amicus counsel in the Second Circuit rendition of the SEC vs. Ripple case has been made. The post, dated October 24, 2024, highlights Deaton’s commitment to the case despite his involvement in a Senate race.
Deaton’s decision to join the legal battle stems from his belief in the legality of XRP and the actions of the SEC. He pointed out that Judge Torres, a Democratic appointee, had ruled that XRP itself is not a security and that sales of XRP on exchanges like Coinbase are legal. Deaton criticized SEC Chair Gary Gensler and the current government for their actions against XRP and Coinbase.
Highlighting the inconsistencies in the SEC’s allegations, Deaton mentioned that Coinbase, which is being sued by the SEC for allegedly running an illegal business, had previously received praise from the SEC for its business model. Deaton’s efforts to support XRP holders have been recognized by the court, with Judge Torres acknowledging his pro bono work and citing it in her decision.
During a recent debate, Deaton claimed that Senator Elizabeth Warren had mocked his pro bono work, but he remains steadfast in his commitment to representing token holders in the SEC appeal, whether as a senator or a private citizen. He emphasized the importance of advocating for innovation and protecting the rights of token holders.
In the upcoming legal proceedings, Deaton will represent intervenors including Kristiana Warner, James Lamonte, and Jordan Deaton. His dedication to the case and his advocacy for XRP holders demonstrate his belief in the importance of upholding the principles of fairness and legality in the cryptocurrency industry.
The involvement of a prominent figure like John Deaton in the SEC vs. Ripple case signifies the growing significance of the legal battle and the potential implications for the crypto community. As the case unfolds, Deaton’s representation of XRP holders will be crucial in shaping the outcome and defending the rights of cryptocurrency investors.