XRP Holder’s Lawyer Denies Having Insider Information at Ripple Labs

XRP holder’s lawyer John Deaton has come out to deny the claims that he has insider information on American blockchain payments firm, Ripple Labs Inc.

XRP Holder’s Lawyer Denies the False Claims

As one of the most vocal advocates in the XRP ecosystem, John Deaton is dubbed a major authority with deep insights to events happening within the industry. Earlier, Deaton shared what many believed to be a scoop that Ripple Labs will be hiring more staff from Dubai, Singapore, and London to bolster its presence in both Asia and Europe.

However, it seems one crypto enthusiast on the X app misinterpreted the message to mean that the pro-XRP lawyer is privy to top Ripple info. The X user Michael Branch stated that the information about Ripple’s expansion was from Deaton who he claimed, has inside information. In response to the misleading statement, Deaton clarified that he never made such utterances about having inside information. 

I never said I had inside information. I said I was in the audience at Mainnet and that’s what @bgarlinghouse stated publicly. https://t.co/eTSXB2s2Xo

— John E Deaton (@JohnEDeaton1) September 21, 2023

Furthermore, he explained that he was only present at the Mainnet Conference where Ripple’s Chief Executive Officer (CEO) Brad Garlinghouse made the announcement public.

Deaton’s claim about Ripple’s expansion further underscores the company’s plans to operate its business outside of the United States due to the regulatory dispute that it is faced with. A week earlier, Ripple Labs stated that nearly 80% of its hiring will be outside of the U.S. and this makes the lawyers’ claim correct. 

Speaking to Bloomberg, Garlinghouse explained that Hong Kong, Singapore, the UK, and Dubai “governments are partnering with the industry and you’re seeing leadership, they’re providing clear rules and you’re seeing growth”.

Ripple vs SEC Lawsuit Gets Deeper

The Securities and Exchange Commission (SEC) has been trolling the payment firm for close to three years, claiming that its XRP token is securities. The table was overturned on July 17th when Judge Analisa Torres ruled that XRP is not security but this has not changed SEC’s attitude towards the coin or the firm. 

Rather, the regulator is interested in pursuing an interlocutory appeal where the decision made by Judge Torres will be re-examined by an appellate court. The judge has already given her approval of the motion and community enthusiasts are closely following the trends.