As the SEC added in court documents in the Binance case: "When referring to crypto-asset securities, it does not refer to the crypto-assets themselves, but to the full set of covenants for the sale of such assets." Binance avoids using this abbreviation in its case and regrets any confusion caused. John Deaton, a defense lawyer in the Ripple case and a U.S. Republican Senate candidate, said on Twitter that the SEC should be held responsible for its serious overstep of authority. Their wrong move of using confusing words caused investors to lose $15 billion.
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ToggleRipple defense lawyer battles against regulator Elizabeth Warren
“The SEC regrets any confusion it may have caused” by repeatedly falsely stating that the tokens themselves were securities. 』 Coinbase Legal Counsel Paul Grewl commented on the SEC’s change of wording in the Binance case. He also named Ripple legal counsel Stuart Alderoty, jokingly saying that he hoped he had a good sleep, otherwise when he got up and saw this scene, his head might almost explode.
Because Ripple is one of the cryptocurrencies that the SEC clearly describes as "security" in the document, Paul Grewl added: "It can be clearly seen from past enforcement activities that the SEC insists that the token itself is a security, why has it changed its previous position now?" Mislead the court?"
Ripple’s defense lawyer and Republican Senate candidate John Deaton also responded to Paul Grewl’s article on Twitter, saying: “The SEC’s misconduct and serious overreach caused more than $15 billion in losses to self-employed individuals. . On behalf of the 75,000 self-employed people, I do not accept the SEC’s apology.”
In response to the SEC's supplement, he questioned why assets such as oranges, woods, apartments, and even beavers have been packaged, marketed, or sold as investment contracts, but have never been considered securities themselves.
John Deaton himself is a clear supporter of cryptocurrency. He will face off against current Democratic Senator Elizabeth Warren in the same district in this election. Elizabeth Warren is also well-known as an opponent of cryptocurrency. It can be said that the two are the two extremes in cryptocurrency regulation.
John Deaton: Will hold the agency accountable if elected
"I fight to protect individual investors, and for free." John Deaton said that he provides free assistance to all retail investors, and said that the SEC's misconduct caused retail investors to lose more than $15 billion, although he did not mention this figure. of origin.
John Deaton said: “All I asked was that the SEC follow the law and make it clear that the XRP token itself is not a security. Not only did the SEC’s lawyers refuse to do so, they attacked me personally. I was appointed amicus counsel and after hundreds of Hours of pro bono work, Torress, a lifelong Democratic judge appointed by President Obama, agreed with me," adding: "The SDNY asserted that SEC attorneys lacked allegiance to the law and cared only about winning the case. Protect investors.”
He said now that the SEC admitted its mistakes, people should start holding it accountable. Apparently, Elizabeth Warren, who oversees the SEC, won't do that, so when he enters the Senate, he will be filling in for her.
