John Deaton Accuses SEC of Abuse of Power, Claims XRP Investors Lost Over $15 Billion
The post John Deaton Accuses SEC of Abuse of Power, Claims XRP Investors Lost Over $15 Billion appeared on BitcoinEthereumNews.com.
John Deaton: XRP Individual Investors Lost Over $15 Billion Due to SEC’s Abuse of Power: John E. Deaton, a prominent pro-crypto lawyer and U.S. Senate candidate in Massachusetts, has publicly criticized the U.S. Securities and Exchange Commission (SEC) for its handling of the Ripple (XRP) case. According to Cointelegraph, Deaton claims that the SEC’s “gross overreach and abuse of power” cost XRP retail investors over $15 billion. His remarks were made in a post on X (formerly Twitter), where he expressed outrage on behalf of the 75,000 XRP holders he represented in the lawsuit. Key Points from John Deaton‘s Statement 1. $15 Billion in Investor Losses: Deaton claims that the SEC’s actions against Ripple (XRP) have resulted in significant financial harm to retail investors, with losses totaling over $15 billion. He believes the SEC’s lawsuit caused unnecessary damage to these investors, many of whom were holding XRP as a long-term investment. 2. SEC’s Alleged Abuse of Power: The lawyer accused the SEC of “gross overreach” in its enforcement actions, asserting that the regulatory body has disregarded the law in its pursuit of a legal victory. He highlighted that the SEC has shown little regard for the impact its decisions have had on XRP investors. 3. Personal Advocacy for XRP Holders: Deaton noted that he personally represented 627 XRP holders from Massachusetts and contacted the SEC on their behalf, urging the commission to clarify that XRP tokens themselves are not securities. However, Deaton claimed that SEC lawyers refused his request and responded by attacking him personally. 4. Judicial Support: In the XRP case, Judge Analisa Torres sided with Deaton’s arguments, ruling that XRP tokens are not securities. Deaton has used this ruling to argue that the SEC’s approach was legally flawed and harmful to investors. 5. Call for Accountability: Deaton has…
Filed under: News - @ September 15, 2024 3:01 am