US Chamber of Commerce Backs Coinbase, Deaton Credits XRP Holders for First Calling Out SEC Overreach

Attorney Deaton said XRP community members were the first to call out the SEC’s gross overreach.

In a tweet yesterday, CryptoLaw founder and pro-crypto lawyer John Deaton asserted that XRP holders were the first to call out the United States Securities and Exchange Commission (SEC) for its gross overreach.

According to Deaton, XRP holders have been calling the attention of relevant authorities and other crypto communities to the SEC’s gross overreach over the past two years.

XRP enthusiasts asked crypto community members not to be fooled by the SEC, as the regulator’s gross overreach would not stop with XRP. However, many ignored these warnings and chose to side with the Securities and Exchange Commission against Ripple and XRP.

Deaton, who has closely followed legal battles in the crypto industry, urged crypto communities to always stand against the government’s gross overreach, irrespective of whether the move is aimed at a rival project.

“Even when the government’s gross overreach is against a project you dislike, you must stand against it,” said Deaton.

#XRPHolders were the first to call out the gross overreach by the SEC but clearly we aren’t the last. Over two years ago we said don’t be fooled that this will stop with #XRP. Even when the government’s gross overreach is against a project you dislike you must stand against it. https://t.co/dQyH0X7lgI

— John E Deaton (@JohnEDeaton1) May 11, 2023

XRP Enthusiasts Slam SEC Adverse Enforcement Action

For context, XRP holders started speaking against the SEC’s adverse enforcement actions after the regulator sued Ripple in 2020 for allegedly violating US securities laws.

While some crypto community members joined XRP enthusiasts to slam the SEC, others backed the regulator for going after Ripple.

Interestingly, the SEC’s adverse enforcement actions did not stop with Ripple and XRP. Over the past year, the SEC has gone after several crypto businesses, including Coinbase, Bittrex, Kraken, etc.

Chamber of Commerce Files Amicus Brief Supporting Coinbase Against SEC 

Meanwhile, Deaton’s comment reacted to a post by attorney James Murphy, the founder of MetaLawMan.

MetaLawMan reported that the US Chamber of Commerce filed an amicus brief in Coinbase v. SEC lawsuit. Per Murphy, it’s a big deal that the Chamber of Commerce has filed an amicus brief in the Coinbase lawsuit. 

“The US Chamber of Commerce is a highly influential organization representing companies in all industries across the US–not just crypto,” attorney Murphy said. 

The Chamber of Commerce argues that the SEC is destabilizing the digital asset regulatory environment and violating constitutional due process. The association further contends that the SEC’s actions are harmful and unlawful.

Murphy said the court would pay serious attention to the association’s arguments because it is one of the most influential organizations in the United States.