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Famous XRP advocate John E Deaton has voiced strong criticism against the U.S. Securities and Exchange Commission (SEC) for its handling of the SEC Vs Ripple Labs lawsuit. Deaton’s remarks come in response to Ripple’s recent opposition to the SEC’s anticipated motion for leave to file an interlocutory appeal in the ongoing legal battle.
Filing Lawsuit Against Garlinghouse Is Costing SEC: Deaton
The SEC’s choice to charge particular defendants, Brad Garlinghouse and Chris Larsen, with aiding and abetting in a non-fraud case is the focus of Deaton’s criticism. Deaton claims that this method, which raises the burden of proof, was ill-conceived and blames it on former SEC officials Jay Clayton and Bill Hinman. He claims that this action deviates from legal norms and hints at objectives other than law and justice.
Deaton points to a video in which Clayton expresses a preference for charging executives, believing it changes the dynamics of the case by invoking fear and intimidation. The decision to sue Garlinghouse and Larsen, in Deaton’s view, was based on misguided reasons, with repercussions that negatively impact the SEC’s position.
Ripple CEO Brad Garlinghouse entered the discourse, emphasizing that an appeal, even if granted, does not alter the assertion that XRP is not a security. He rebuts the SEC’s claims of recklessness in XRP’s classification, asserting that the SEC must prove their allegations at trial, as per the Judge’s July 13 ruling. Garlinghouse and Larsen express confidence in disproving the SEC’s assertions based on facts and law.
Stuart Alderoty, Chief Legal Officer at Ripple, joined the conversation, opposing the SEC’s request for an interlocutory appeal. He contends that no extraordinary circumstance justifies deviating from the rule that requires resolving all issues before an appeal, highlighting Ripple’s stance against such legal tactics.
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Ripple’s Pushback Against The SEC
The industry anticipated this turn of events, with Ripple challenging the SEC’s actions and the regulator’s resistance to accepting the precedent-setting July 13 ruling. The ongoing dispute has broader implications for the emerging Web 3.0 landscape and the crypto industry. Ripple’s pushback against the SEC, under Gary Gensler’s leadership, reflects a wider conflict between innovation and regulation.
As the legal battle continues, the engagement of key figures in the cryptocurrency space demonstrates the significance of the case. The clash between the regulatory authority and the crypto industry’s evolution is poised to shape the future legal and regulatory framework for digital assets.
Also Read: Ripple Files Opposition to SEC’s Planned Appeal
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