Attorney John Deaton, renowned for advocating for XRP holders in the crypto sphere, has made waves by challenging the U.S. Securities and Exchange Commission (SEC) over alleged ethical discrepancies in the lawsuit against Ripple Labs.
The SEC’s legal tussle with Ripple has been a focal point in the crypto world, and Deaton’s recent assertions have injected fresh intrigue into this high-stakes legal saga.
The Connection Between Jay Clayton and ConsenSys
At the heart of Deaton’s scrutiny, he highlights the interconnectedness between former SEC Chair Jay Clayton and the law firm Sullivan & Cromwell.
Notably, this firm was engaged by ConsenSys during its acquisition of J.P. Morgan’s Quorum in 2020. Deaton drew parallels between this professional link and the SEC’s purported leniency towards Ethereum and ConsenSys, juxtaposed with the agency’s stringent actions against Ripple Labs.
According to Deaton, if Ripple had engaged Sullivan & Cromwell to represent Ripple upon Clayton’s appointment, Ripple wouldn’t have faced SEC action during his tenure. Deaton’s words suggest a perceived bias within the regulatory framework.
Deaton’s critique hints at potential favouritism within the SEC’s approach to regulating the crypto industry, raising concerns about fair treatment and equal opportunities for different players.
Charles Hoskinson Expresses Dissatisfaction with SEC
Joining the chorus of disapproval, Charles Hoskinson, the creative mind behind Cardano, echoed similar sentiments, resonating with XRP holders’ frustrations. Their collective discontent emphasizes a growing sentiment of dissatisfaction regarding regulatory fairness within the crypto community.
Adding to the legal intricacies, Marisa Coppel, senior counsel at the Blockchain Association, expressed skepticism about the likelihood of a settlement in the Ripple lawsuit. Coppel implied that any resolution would require significant recalibration by the SEC, hinting at the possibility of a protracted legal showdown.
As the SEC persists in its pursuit of the case, Ripple Labs remains resolute, with CEO Brad Garlinghouse affirming the company’s willingness to elevate the matter to the Supreme Court if necessary.
Ripple XRP Price Action
At the time of writing, XRP was ranked number 5 on the crypto ladder and was trading at $0.61 after rising 2% over the last seven days. The cryptocurrency’s trading volume has accelerated to $1.8 billion over the last 24 hours, as per CoinMarketCap data.
Ripple’s XRP has experienced increased on-chain activity. XRP predictions from crypto pundit Egrag suggest a potential rise to $7 and even a surge to $27, drawing parallels to its performance in the 2017 bullish market.
