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Pro-XRP Lawyer John Deaton Reacts To SEC’s Turnaround On Spot Ethereum ETF

Pro-crypto lawyer John Deaton has reacted to the change in the SEC's stance regarding spot Ethereum ETF approvals in the US
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Pro-XRP Lawyer John Deaton Reacts To SEC’s Turnaround On Spot Ethereum ETF

Highlights

  • John Deaton considers spot Ethereum ETF trend a massive turnaround from the SEC
  • The regulator, per different sources is set to approve the product
  • Deaton eyes more fight for crypto should he win his Senatorial bid

Pro-XRP lawyer John Deaton has shared his surprise at the unexpected turnaround in the prospects of approvals for spot Ethereum ETF products. Taking to his X account, John Deaton said he agrees with Charles Gasparino who believes this is the “biggest regulatory 180 in recent SEC history.”

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Unexplainable Spot Ethereum ETF Turnaround

The odds of approval of spot Ethereum ETF products at the start of this month stood around around 25% according to Bloomberg Analyst. The scenario changed a few days ago when the odds jumped to 75%.

In his analysis, John Deaton said when the SEC’s regulatory war over the past 4 years is merged with Senator Elizabeth Warren’s anti-crypto stance is considered, this push to approve spot Ethereum ETF is the biggest turnaround possible. The crypto lawyer recanted the role he has played over the past years to bring the results today.

When SEC Chairman Gary Gensler started his tenure, he inherited the Ripple lawsuit from his predecessor Jay Clayton. It was in this case that John Deaton showcased his deep interest by representing XRP holders. His representation saw Judge Analisa Torres declare in her ruling last year that XRP is not in itself an investment contract.

On this subject of investment contracts, the regulator placed Ethereum on the spotlight as a defaulting token. While it is yet to officially declare the cryptocurrency an investment contract, chatters within the regulatory body suggested that might be the reason for spot Ethereum ETF denial. The market rather saw a turnaround with clarity regarding Ethereum classification still obscure.

The current shift as marked by communications with stakeholders vying for ETH ETF in the ecosystem is attributable to a political shift.

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Driving More Fight For Crypto

Many crypto industry leaders believe the regulatory landscape in the United States is now largely political. To join the fight beyond the courtrooms, John Deaton is contesting in the election to displace Senator Elizabeth Warren.

While he has bagged the support of many crypto industry leaders, John Deaton has always expressed confidence in his ability to bring change should he get into politics. Pending then, the industry has a lot of evolution to court, including adjusting to the reality of spot Ethereum ETF trading on national exchanges.

Read More: Dogecoin Price Tumbles As Whale Dumps 90M DOGE to Coinbase, What’s Next?

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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