Attorney Deaton Advocates for Crypto Litigation

John Deaton, the attorney 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 litigated in U.S. courts until political consensus.

The attorney stated the same thing in the context of Senate and House leaders introducing numerous significant crypto legislation.

In the context of the approaching election year in the United States, attorney Deaton stated that fighting in the courts is the best option for crypto market participants.

In the past few months, the crypto market has witnessed significant judicial developments, some of which may have long-lasting effects on the industry.

The judge ruled that retail sales of tokens do not constitute securities, granting Ripple a victory in the XRP vs. SEC lawsuit.

The court granted Grayscale’s petition to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF in its lawsuit against the SEC.

Coinbase and Binance were simultaneously accused of violating securities laws by the US SEC in separate lawsuits filed during the first week of June 2023.

Through its staking-as-a-service program, Coinbase was allegedly involved in an unregistered securities offering.

Amid a flurry of digital asset-related bills being introduced in US legislatures, Deaton explained that there was almost no chance that the bills would be enacted, given the anti-crypto stance of the majority of lawmakers.

When the incumbent party’s largest and most influential leaders are anti-crypto, there is no possibility that the bills will pass, according to him.