Ripple supporter, attorney John Deaton, has sounded a wake-up call to the entire cryptocurrency community. The attorney said the community should take the SEC’s threat to Ripple as a very serious threat that would reach beyond Ripple’s XRP to the cryptocurrencies they support.
Deaton reminds that Any other crypto can take XRP’s place
While speaking with YouTuber Naomi Brockwell, Deaton, who is the founder and host of Crypto Law, stated that members of the crypto community need to set aside their differences and biases for the blockchain networks they support. He adds that they need to realize that the SEC was attacking the industry at large with their lawsuit against Ripple. According to him, the wording of the SEC complaint against Ripple and its XRP token can be applied to any other blockchain network.
Pull up the complaint and read… You could literally substitute the crypto that you own and love for XRP and the language would equally apply.
Deaton clarifies that he is not asking the community to all of a sudden begin supporting Ripple. This is because he recognizes that other market participants have reservations about Ripple and XRP. These reservations include not liking Ripple CEO Brad Garlinghouse and considering the token to be too centralized in the hands of Ripple. What he is however advocating is that the community be against the overreach of the SEC in the crypto space.
You don’t have to root for Ripple, but you need to root for crypto, and you need to root against the SEC’s overreach. And that, I think, is the common bond that can bring us together.
This is not the first time that Deaton has pointed this out. Back in October, he warned that every other cryptocurrency including Bitcoin and Ether would not be safe if the SEC succeeded in what it was trying to do to Ripple by declaring XRP token a security.
Deaton is not alone in sharing this view. Fox Business reporter, Charles Gasparino, has also voiced similar concerns. According to Gasparino who is a regular commentator on the state of the SEC lawsuit against Ripple, it appears that Gary Gensler, the SEC chair is waiting for the outcome of the case before he reveals his complete stance on Ethereum which at the moment seems to be in the clear with the securities commission.
Ripple is still poised to come out victorious in the lawsuit
Recent developments in the court proceedings in the SEC vs. Ripple lawsuit seem to be highly in favor of Ripple. While the case is still in the expert disclosure phase, it is getting close to reaching a conclusion. A motion that the court will have to rule on very soon about the SEC Deliberative Process Privileged (DPP) is likely to compel the SEC to hand over its internal documents that Ripple has been requesting.
You don’t have to root for Ripple, but you have to root against the SEC reckons Ripple Attorney John Deaton
Meanwhile, XRP, like many other altcoins are not spared in the bloodbath. The asset is expected to drop even further, following its inability to hold up momentum at $0.75.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.