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Attorney John Deaton, the lawyer representing XRP token holders in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, suggested that crypto as a policy issue should be fought in Courts until there is political consensus in the United States. The lawyer said the same in context of the Senate and House leaders introducing many important crypto bills.
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Crypto Lawsuits To Rule The Roost?
In the context of the US approaching the election year, attorney Deaton said that fight in Courts is the best shot the crypto market participants can have a go at.
“We fight in Court and we vote for the return of American innovation, regardless of political party.”
In the last few months, the crypto market saw major developments in Courts, with some of them potentially having an ever lasting impact on the industry. Payments company Ripple snatched up a victory in the XRP Vs SEC lawsuit as the judge deemed retail sales of tokens as not securities. Also, Grayscale bagged a win in its SEC lawsuit as the Court granted the company’s motion to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
But on the flip side, Coinbase and Binance were charged with violation of securities laws by the US SEC in separate lawsuits which came simultaneously around the first week of June 2023. Coinbase was accused of engaging in an unregistered securities offering through its staking-as-a-service program.
Crypto Political Consensus In US
Amid a flurry of digital assets related bills being introduced in the US legislatures, Deaton explained that there was hardly any chance that the bills would be passed especially with the anti-crypto agenda dominating among the lawmakers. He said there was zero chance that the bills would be passed when the incumbent party’s biggest and most influential leaders are anti-crypto.
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