John Deaton, a pro-XRP lawyer, has urged an end to the long battle involving the US SEC and crypto firms like Ripple. Deaton cited that these cases have taken a huge toll on innovation, entrepreneurs and investors. His comments come just a day before the U.S SEC leadership changes take effect, with favorable regulations around the corner.
Deaton Pushes for Dismissal of SEC Cases Against Crypto Firms
The incoming U.S. government is set to change crypto policies for the better. Because of this, Deaton shared that it is time to dismiss all non-fraud cases involving the US SEC.
DISMISS CRYPTO CASES
The day after @realDonaldTrump launches a Presidential Meme Coin, and after attending the Inaugural Crypto Ball, where America’s newly appointed Crypto Czar, @DavidSacks, declared the war on Crypto over, promising America will usher in a Golden Age of…
— John E Deaton (@JohnEDeaton1) January 19, 2025
He stated, “…with the incoming President of the United States utilizing the technology in a manner some might argue pushes legal boundaries more aggressively than any of the companies above have, all non-fraud cases including, Ripple, coinbase, krakenfx, dragonchain etc. need to be dismissed.”
To Ripple and others, dismissal of these cases will be a big step to re-establishing trust and allowing companies to focus on corporate development. With the ongoing global growth of Ripple and its latest legal victories in court, the case has become symbolic of the fight against unfavorable regulations. Deaton believes that stopping the crypto wars would help the crypto community leave these issues behind and move on to building new opportunities.
Ripple vs SEC Cases Cost Over $150M In Legal Fees
Ripple has had one of the most famous cases vs the US SEC. However, the SEC never claimed fraud but sued Ripple for selling XRP as an unregistered security. The company spent more than $150 million in lawyer fees to defend itself.
As Deaton explained, the case was intimidation against Ripple’s executives which included Brad Garlinghouse and Chris Larsen. While both executives initially managed to have their cases thrown out due to their lack of merit, the damage to Ripple and its community was significant.
Ripple even faced delisting from most of the major exchanges in the United States, freezing retirement investment that held XRP and lost its foreign partnerships. These actions contributed to more than $15 billion in losses to the XRP holders. Besides, some companies pulled out their partnership with Ripple in fear of SEC actions. However, Ripple has remained strong and has over 75,000 XRP holders.
Dismissal of Crypto Cases will Favor XRP
The last few months’ regulation in the cryptocurrency space has been volatile due to aggressive enforcement by the new SEC chair, Gensler. The measures Gensler instituted have been rigid and represent the hostile policies of the SEC on digital assets like Ripple (XRP).
But, with the coming inauguration of Donald Trump, the crypto world sees a backdrop of more favorable crypto regulations. Trump’s nomination of Paul Atkins as the SEC Chair is a positive approach towards putting poor regulations in the past. Atkins will establish clearer rules and regulations that will support innovation, opening the door for Ripple’s XRP.
