Attorney John Deaton, a Ripple backer, has issued a warning to the entire cryptocurrency community. The community should view the SEC’s warning to Ripple as a significant concern that extends beyond Ripple’s XRP to the cryptocurrencies they support, according to the attorney.
Deaton, the founder and host of Crypto Law, told YouTuber Naomi Brockwell that members of the crypto community need to put their differences and biases aside for the blockchain networks they support.
He goes on to say that people need to understand that the SEC’s case against Ripple was aimed at the entire industry. The SEC’s complaint against Ripple and its XRP token, he claims, can be used to any other blockchain network.
Deaton makes it clear that he isn’t asking the community to support Ripple on a case-by-case basis. He does it because he recognises that Ripple and XRP are viewed with suspicion by other market participants.
These reservations include a distaste for Ripple CEO Brad Garlinghouse and the notion that the coin is too tightly controlled by Ripple. But what he really wants is for the crypto community to stand up to the SEC’s overreach.
Lawyers poised for a big win!
The SEC’s lawsuit against the payments behemoth, according to Ripple community attorney Jeremy Hogan, might be resolved by April 2022.
Hogan, an XRP2 proponent and US legal counsel, expects that the case will be resolved soon. Ripple’s CEO, Brad Garlinghouse, is optimistic that the Securities and Exchange Commission’s (SEC) case will be resolved by April 2022.
In a CNBC interview, Ripple CEO Brad Garlinghouse updated users on the company’s progress in 2021. According to Garlinghouse,
“We’re seeing pretty good progress despite a slow-moving judicial process.”
In July 2021, Judge Sarah Netburn approved the deposition of William Hinman, a former SEC official. Proponents feel that so far, the court rulings have been in Ripple’s favour. The SEC vs. Ripple case is set for expert discovery on January 14, 2022.