The post Pro-XRP Lawyer John Deaton Calls for End To SEC Crypto Wars appeared on BitcoinEthereumNews.com.

Pro-XRP Lawyer John E. Deaton has urged for an end to the “crypto wars” led by the U.S. Securities and Exchange Commission (SEC). Deaton’s statement follows a series of high-profile legal battles involving major entities such as Ripple, LBRY, Coinbase, and others, which he argues have consumed substantial resources without addressing substantive fraud. John Deaton Urges US Regulators to Drop Ongoing Crypto Cases In a lengthy post on X, John Deaton, an attorney known for his support of Ripple and other crypto companies, vocalized his frustration with the ongoing regulatory actions by the US SEC. Deaton highlighted several cases where crypto companies have faced legal challenges and financial burdens despite not being accused of fraud. He argued that these cases have drained company resources and impacted the crypto industry negatively. Additionally, John Deaton pointed out several instances where companies incurred substantial losses due to legal battles with the Securities and Exchange Commission. Notably, he mentioned that Ripple had spent over $150 million on legal fees in a case that did not involve any fraud allegations.  This situation has affected Ripple’s operations and influenced its partnerships and market activities, with consequences for XRP holders. The Pro-XRP Lawyer added, “Having filed amicus briefs in the Ripple, LBRY, and Coinbase cases, representing users, developers, individual investors, and content providers, I’m sitting here thinking about the incredible waste of time, energy, money, and resources wasted during the last 4 years.” Despite John Deaton’s call for a reduction in aggressive SEC actions, the regulator continues its strict oversight. Recently, the US SEC sued Digital Currency Group, citing failure to disclose risks tied to Three Arrows Capital, resulting in a $38 million settlement.  Impact on Companies and Innovation Further illustrating the impact of US SEC actions, Deaton referenced the case of LBRY, a platform that was…

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Filed under: News - @ January 19, 2025 3:24 am