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07/24/2023

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John Deaton Defends Ruling in Ripple vs SEC Case

CryptoLaw’s John Deaton issues a reply to critics of the Ripple vs SEC ruling, saying the judge only applied the law. XRP has strongly reacted to the ruling as open interest in various exchanges...

John Deaton Defends Ruling in Ripple vs SEC Case

  • CryptoLaw’s John Deaton issues a reply to critics of the Ripple vs SEC ruling, saying the judge only applied the law.
  • XRP has strongly reacted to the ruling as open interest in various exchanges skyrockets. 

The recent ruling in favor of Ripple in the case against the US Securities and Exchange Commission has generated several criticisms from securities lawyers. Interestingly, Pro-XRP lawyer John Deaton has in a series of tweets dismissed critics on the ground that the court applied the Howey Test.

Recently, Deaton assured that the SEC would not win if they appeal the ruling. While many have questioned his position in the lawsuit, Deaton has explained that his legal actions are based on principles, not personal gains. 

According to him, he would have taken legal action against the SEC if he owned Bitcoin in 2013 when SEC officials declared it security. Similarly, he would have taken the Commission on if it had made the same allegation against Ethereum. Speaking on this, Deaton admitted that he has investments in these assets, but the Bitcoin and Ethereum in his portfolio are significantly larger than his stake in XRP. He further commented on his clash with Ethereum co-founder Vitalik Buterin, claiming the approach towards XRP was not the same as Ethereum. He emphasized that his positions are based on a timeline of fact rather than conspiracy theories. Also, his position against SEC was made as a legal advocate for fair and transparent regulations in the cryptocurrency market, but not as an XRP investor. 

Open Interest of XRP Skyrocket Following Victory for Ripple Against SEC

Deaton further defended the judge, claiming SEC failed to establish a common enterprise factor for XRP. 

Recently, Ripple CEO Brad Garlinghouse applauded the champions of crypto in Congress. After the ruling, he stated that it is unfair to blame a judge for applying the law. According to him, that is the only way to protect retailers and provide clear rules. 

An important topic has come up about protecting retail. The SEC created this mess by proclaiming it was the cop on the crypto beat when it had no legal jurisdiction Where’s that gotten us? Consumers left holding the bag in bankruptcy court while the SEC holds press conferences.

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The entire crypto industry was keenly following the case as the ruling could have negatively affected the market had Ripple lost the case. While the case was ongoing, SEC filed a lawsuit against Binance for offering unregistered securities. In this case, the commission listed the likes of ADA, SOL, and 10 other assets as securities. 

From the recent victory, investors’ interest in XRP is hitting a new All-Time-High since November 2021. Investors’ interest is a very important metric as it provides insight into the flow of money and the strength of a given price trend. Binance has the highest open interest of XRP with $357 million. On Bitget and OKX, XRP’s open interest was around $198 million and $71 million respectively. Bitmex also saw the open interest hitting $7 million. 

As of press time, XRP was trading at $0.696309 after falling by 5 percent in the last seven days. However, its 30 days run is still positive with a 41.56 percent surge. 

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