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Friday, July 19, 2024

XRP Holders Lawyer John Deaton Comments on Jay Clayton’s Stance on Current Regulatory Regimen

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The lawsuit between Ripple and the United States Securities and Exchange Commission has taken center stage once again as the agency continues with its predatory approach.

Earlier this month, the Commission filed a lawsuit against Coinbase for dealing with unregistered securities, calling out a number of coins for being securities. Interestingly enough, this list didn’t include XRP. Nonetheless, the financial watchdog has demonstrated a clear stance against crypto, and it’s one of war.

  • That said, Jay Clayton, the former Chairman of the US SEC, had something to say about the current regimen at regulatory agencies.

What we’re hearing from leaders of the regulatory organisations is “if we’re not losing cases, if we’re not being pushed back by the courts, we’re not doing enough.” That is a fundamental shift in how we as Americans view the role of the government. – Said Clayton.

  • He added: “I don’t want to be in a situation where I know the government is bringing cases they think they’re going to lose. […] This is an ethos now – unless we’re losing, we’re not bringing enough cases.”
  • Commenting on the matter was John Deaton – a lawyer representing thousands of XRP holders.
  • According to him, the Judge in the case between Ripple and the SEC “was alluding” to the exact point.

You’re supposed to have a good faith basis to being a case, meaning you believe you can win by applying the law. You don’t wait until a judge tells you otherwise.

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