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- John Deaton, a crypto lawyer who is advocating for over 50,000 XRP holders in the case, has become a recognized personality in the sector.
- A lawsuit is still ongoing among SEC and XRP where allegations were made by SEC that unregistered security sales were executed by XPR.
- As of this writing, XRP was bullish by 2.33% with a market capitalization of $36.6 Billion.
The crypto industry is not new to lawsuits. The deficit of knowledge and recognition regarding the crypto industry has caused a lot of issues for many prominent projects. At the beginning of 2021, a high profile case was beheld by the community causing a complete disruption in the prominent digital asset’s dynamics. As the case stretched, so did the drama around it.
The Securities and Exchange Commission (SEC), the monetary watchdog of the United States, threw a lawsuit in the face of Ripple. Tagging it as a security. Allegations were made by the SEC that unregistered trading of securities was executed by Ripple. The case is still in progress for a while now and none of the participants are trying to make a settlement.
While many people are involved in SEC vs Ripple Lawsuit, higher ups are being represented by some major attorneys. The community of XRP also plays a crucial role in the case, and John Deaton, a prominent crypto lawyer, was representing the whole community of XRP.
John has time and an argument was laid out again by him concerning the network of Ethereum. As per the report, John Deaton was not able to understand how a free pass was achieved by the Ethereum Network but not by the XRP, who is constantly experiencing the fury of the SEC. However, this came out as if the crypto advocate was making a criticism or an attack towards the digital asset.
Deaton explained in his fresh Twitter threads, how he was attacked by the ethereum holders for raising the topic of the digital asset while the XRP lawsuit is in progress. While indicating the XRP does not portray a security, he put forward that ETH does not portray a security similar to XRP. Regardless of this, it was noted by him that the judge observing the lawsuit asserted that both ETH and BTC’s analysis is crucial for the court.
Crypto lawyer added that the comparisons should be made, and it is believed by him that a narrative should not be allowed to be emerged, lowering the attempt, anger, and frustration as “sour grapes” just because a free pass was attained by Ethereum and not by XRP. This is what the critics will try to do.
Why is John HODLing ETH?
It was disclosed by the crypto lawyer that he has not just acquired Bitcoin, but Ethereum too. This rally stunned the people as the crypto lawyer went after the digital asset at one time. The crypto lawyer also pointed out that Direct messages were received by him where the members of the community were disappointed by him. As per the report, they were thinking that, why the crypto lawyer is holding the currency.
The following tweet was made by the lawyer to describe the reason behind holding ETH.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
