- Pro-Ripple attorney John Deaton has accused regulators of a coordinated attack on crypto.
- J.W. Verret, an associate professor of Law also predicted that the case would head to the supreme court if SEC do not get reasonable.
In a 26 minutes 59 seconds video, Pro-Ripple attorney and founder of CryptoLaw John Deaton shared revelations concerning the recent happenings in the banking and the crypto sector, and also spoke on the SEC v Ripple case. According to Deaton, the recent attacks on crypto are coordinated politically, and economically, and it is real.
Ripple Heading to the Supreme Court? https://t.co/RBTi4VEHrR
— CryptoLaw (@CryptoLawUS) March 14, 2023
Deaton makes reference to Barney Frank’s statement on Signature Bank
The CryptoLaw founder referred to a recent statement by an ex-congressman and the man behind the Dodd-Frank Act Barney Frank, which accuses New York regulators of deliberately attacking Signature Bank to send a very strong anti-crypto message. The signature bank is known for giving loans to crypto companies. Coinbase disclosed last week that it holds a corporate cash balance of $240 million with the bank. Similarly, crypto brokerage firm and stablecoin issuer Paxos has also disclosed that it holds $250 million at the Signature bank.
According to Deaton, there would not be any crypto regulation until maybe after two years.
We are not going to get crypto regulation until maybe late 2025. That is the reality.
And as long as there is no regulatory clarity in the industry, authorities can overstep their boundaries. Deaton advises that until the regulation is ready, crypto retail holders, investors, and all stakeholders must fight by seeking clarity in the court. He believes that there are examples of a lack of serious positions by the SEC in some of their lawsuits.
Referring to the Grayscale V. SEC case, Deaton mentioned that the court questioned the reason behind SEC’s decision to disapprove the company’s spot Bitcoin ETF application.
The point makingngaking is that with each fight we get we are winning in court and that I why we must keep our focus.
In the SEC v Ripple case, Deaton realized that it is a non-fraud case, but the regulator used fraud-related language.
J.W. Verret speak in the SEC V. Ripple case
On the show, J.W. Verret, an associate professor of Law was interviewed, and he reemphasized his position on how the Ripple case is going to be decided as well as its implication on the law. According to Verret, there is a higher chance of the case heading to the Supreme Court if the SEC does not get reasonable.
Verret explains that SEC is trying to treat tokens of decentralized networks as securities, and also trying to treat decentralized finance (DeFi) protocols as exchanges. This, according to him, is unreasonable. Verret further explained that it is wrong to make computer code register as a stock exchange and comply with all the rules and regulations of a stock exchange. This simply means that the SEC is overstepping its boundaries since it is not in any position to determine that.
Deaton also questioned why NYAG sued KuCoin, claiming ETH is a security and not suing the others.
Why sue KuCoin instead of other’s? They sue an exchange that has never shown up for any legal matter. 🤔 Get a default and claim you have a judgment?
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