John Deaton, the lawyer representing XRP holders in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC), is set to testify before the Maine Financial Services Committee public hearing today. This is the first-ever public hearing on cryptocurrencies in the Maine Legislature, and Deaton’s testimony could perhaps have some impact on the outcome of the Ripple lawsuit.
Why Was Deaton Asked to Testify?
Deaton’s name was recommended when Senator Eric Brakey asked for suggestions on who should speak to the committee about the bill, L.D. 990. The bill would authorize private financial institutions in Maine to accept deposits of cryptocurrencies like Bitcoin with 100% reserve requirements and Brakey has invited other experts in the crypto industry to answer questions during the bill’s first hearing event on April 4.
Deaton has been a vocal critic of the SEC’s enforcement actions targeting crypto companies and has stated that the SEC is planning around 200 enforcement actions on crypto businesses over the next two years. It was the XRP community that chose John Deaton to defend the acceptance of digital currency in financial institutions.
How Could the Testimony Affect Ripple’s Legal Battle with SEC?
The XRP community has shown support for Deaton, citing his contribution to the ongoing Ripple case. They believe that Deaton is the best candidate to testify to the bill and defend cryptocurrencies and the testimony could have an impact on the outcome of the Ripple v. SEC lawsuit.
The SEC has accused Ripple of selling unregistered securities in the form of XRP, which Ripple denies. If Deaton is able to successfully defend the acceptance of digital currency in financial institutions, it could strengthen Ripple’s case and potentially lead to a favorable outcome for the company. Hopefully.
Source: https://coinpedia.org/ripple/top-crypto-lawyers-testimony-on-crypto-policy-could-affect-ripple-lawsuits-fate/