According to an XRP lawyer, the SEC's position on cryptocurrencies and how it handled the Ripple dispute are abhorrent.
John Deaton, a lawyer for XRP holders in the Ripple lawsuit, indicated that he doesn't disagree with people who assert that Ripple helped create a secondary market by distributing the token to users.
The Ripple litigation, according to an XRP lawyer, is utterly disgusting.
Summary decision in the case involving Ripple and the US SEC is soon to come. However, those connected to the case have been the target of several accusations. A lawyer for an XRP investor has stepped forward to defend his associations with Ripple and its leaders.
XRP is proven to be a viable substitute.
In the Ripple litigation, John Deaton, an attorney for XRP holders, stated that he doesn't disagree with those who claim that by distributing the token to users, Ripple contributed to the development of a secondary market. The majority of the projects have done the same thing, he continued, so he doesn't challenge them.
Meanwhile, recent remarks by Bitcoin maximalist Michael Saylor distorted the reality and the idea. Saylor allegedly accused Ripple and its leaders of fraud, and Deaton brought up the XRP case against them. He claimed that he has been referred to as a "no Ripple fan boy" by media outlets including Fox Business.
Even if he thinks XRP is a shitcoin or the technology is subpar, he said, It has, however, shown to be a more effective layer 2 solution to the Bitcoin issue.
The SEC's stance on cryptocurrencies and how it presented the Ripple litigation, according to an XRP lawyer, is utterly disgusting. He described the SEC as a true quagmire of corruption that kills creativity.
He emphasised that despite a lengthy inquiry of 30 months, neither fraud nor even misrepresentation was brought against Ripple or any other CEO.
