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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Pro-XRP Lawyer Reveals The Impact Of SEC’s Lawsuit Against Ripple

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ripple XRP SEC

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A pro-XRP lawyer has highlighted more casualties and negative impacts the regulatory authority has inflicted on XRP and its investors as well as individuals and businesses associated with the cryptocurrency. 

So while Ripple has stated it has lost over $200 million in its fight against the US SEC, it seems that is not the only loss that has been incurred in the drawn-out battle. 

SEC Allegedly Damaged 75K XRP Followers

John E. Deaton, a pro-XRP lawyer has taken to X (formerly Twitter) to publicly admonish the United States Securities and Exchange Commission (SEC) for its series of legal actions and enforcements against XRP, the native token of Ripple Labs. 

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Deaton has been a strong advocate for XRP since its fight against the US SEC began in 2020, and the cryptocurrency enthusiast and lawyer has actively participated in the community, airing out his views in defense of the cryptocurrency and its value as a global payment asset. 

In a recent post, Deaton stated that the US SEC has negatively affected thousands of XRP investors and users and these people have been protesting against the SEC’s actions toward the ecosystem for three years.

“The SEC harmed a lot of innocent people in the process. 75K investors, users, developers, and small businesses have been screaming the above for 3 years,” Deaton stated. 

According to a civil filing, the SEC has destroyed more than $15 billion worth of assets owned by innocent holders of XRP who had acquired the token on secondary marketplaces.

Ripple And SEC Legal Battle Developments

RealClearPolicy (RCPC), an American policy website, recently published an article titled “The SEC is not King” on Thursday, September 30. 

In an X repost, Deaton acknowledged the article which highlighted significant aspects of the Ripple and SEC legal case from when the regulatory body filed a lawsuit against the crypto firm earlier in 2020, alleging that Ripple was selling unregistered security offerings. 

Ripple had aggressively defended itself against the SEC and achieved a partial victory after Judge Analisa Torres ruled in favor of Ripple and rejected the SEC’s allegations that sales of XRP tokens on exchanges are security sales. 

In a possible attempt to salvage its reputation and also gain the upper hand against XRP, the SEC filed an interlocutory appeal to reevaluate the Judge’s ruling and its case against the token. In light of this, Deaton published a blog post titled “The Irony of Interlocutory Appeal” last week, castigating the SEC’s appeal scheme to potentially delay the litigation.

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XRP Price Threatened As Ripple Unlocks 1 Billion Coins

1 year ago

The US SEC has also been struck by a blow that may put a dent in its case with XRP. The defense team of Ripple recently exposed a pile of internal SEC documents and secret positions about the token which could significantly undermine the SEC’s argument that XRP should be treated as a security. 

This recent development has thrown a curveball in the ongoing legal battle between the US SEC and XRP, raising questions about the SEC’s intentions for the crypto industry and its method of handling cryptocurrencies.

Ripple XRP price chart from Tradingview.com (Pro-XRP lawyer SEC)

Token price shows strength to kick off new week | Source: XRPUSD on Tradingview.com
Featured image from Bitcoin News, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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