Crypto Lawyer John Deaton issued a bold statement, claiming that the U.S. Securities and Exchange Commission (SEC) attempted to ban Bitcoin. Deaton, who has been involved in the Ripple vs. SEC case heavily, believes that once Ripple (XRP) wins this case, it will become the only cryptocurrency with full regulatory clarity.
🚨 Lawyer Deaton says SEC is trying to ban bitcoin!! Which once #XRP wins will become the only Token and Ledger with clarity!! Even more clarity than BTC!!
All institutional eyes are right now on XRPL to dominate the defi space!! fact now you can buy directly with the top defi… pic.twitter.com/Ee7k6yTW5N
— JackTheRippler ©️ (@RippleXrpie) October 21, 2024
He even suggested that XRP would enjoy more legal clarity than Bitcoin, a remarkable claim given Bitcoin’s dominance.
“We Are at War With Warren” claims Ripple Ally Deaton
In a more provocative statement, Deaton declared that the crypto community is “at war with Warren,” a reference to Senator Elizabeth Warren, who has been a vocal critic of the cryptocurrency industry. Warren has advocated for tighter regulations, something John believes is a threat to the future of decentralized assets like Bitcoin and XRP. He views the SEC’s action as part of this broader political agenda.
Moreover, John emphasized the challenges of validating transactions on decentralized ledgers, particularly regarding compliance with anti-money laundering policies. He argued that without knowing customers, validating nodes face a de facto ban on transactions.
He speculated that the SEC might differentiate between cryptocurrencies like XRP, which could be deemed non-securities when traded on exchanges, and Cardano, which may not share the same status. The resolution of these regulatory issues could hinge on whether Coinbase succeeds in its motion to dismiss a related case.
If Deaton’s predictions hold true, the legal victory of XRP could significantly alter the competitive dynamics in the crypto world.
Also Read: Ripple CTO Labels Lawsuit Against Donald Trump as “Ridiculous”
Source: https://www.cryptonewsz.com/ripple-regulatory-clarity-deaton-sec-ban-btc/