XRP Lawyer John Deaton Takes On SEC To Support Kraken Users

Ripple lawyer and crypto advocate John E Deaton turns around to support Kraken customers in the ongoing SEC allegations. On Monday, the US Securities and Exchange Commission (SEC) charged Payward Inc. and Payward Ventures Inc., together known as Kraken saying the firm is unregistered as a broker. Soon the sanction triggered XRP lawyer Deaton and took a stance on the same.

John Deaton To Fight Together With Kraken Customers

In a post on the X (formerly Twitter), John Deaton argued that he would make a Google form to take queries and complaints from Kraken users.

Praising the crypto exchange Kraken, he addressed that the SEC is pretending to protect digital assets but isn’t. Adding to the post, he told customers “We will fight to have our own voices heard”

Further, he took to social media to voice his opinions, stating that Gensler is a “despicable and dishonorable regulator.”

John Deaton criticized Gensler’s handling of the regulatory landscape, asserting that the SEC Chair was fully aware that Kraken believed it was purchasing peace for the sum of $30 million. He highlighted the contentious nature of the decision-making process, acknowledging that while some may be critical of Kraken’s choice to settle and pay the hefty fine.

Additionally, he mentioned that Ripple has already spent more than $150 Million on legal services in the ongoing Ripple vs SEC case and still paying until it settles down.

Also Read: Founder Jesse Powell Open Up About US SEC Lawsuit Against Kraken

US SEC Sues Kraken

As per the SEC’s report, Kraken has made hundreds of millions of dollars illegally enabling the buying and trading of cryptocurrency asset securities since at least September 2018. The SEC claims that Kraken provides traditional exchange, broker, dealer, and clearing agency services without registering any of those responsibilities with the Commission as required by law.

According to the SEC’s complaint, Kraken’s business practices, insufficient internal controls, and poor recordkeeping practices pose a variety of hazards to its consumers.

Countering the allegations, Kraken’s official X account in a post said that the allegations made by SEC are all false and they will fight back in the courtroom for the same.

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