Deaton Forces The SEC To Believe That XRP Is Software Code And Not A Security
Attorney Deaton noted in the recent tweet that the Securities and Exchange Commission was forced to admit that XRP is a “software code” following the amici brief he filed on behalf of the community. The update on accepting the SEC was a big win for the Ripple community.
The attorney that represents the over 75,000 XRP holders made this known following a Twitter user-backed self-acclaimed Bitcoin creator Craig Wright calling XRP a scam and security. After Wright described XRP as a scam, Deaton disclosed that he responded with a phrase: “the pot calling the kettle black.”
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Stripped down, XRP is software code.
However, Deaton’s statement was not pleasing to Wright and for that reason, he blocked Deaton on Twitter.
As stated by a Twitter handler, pseudonym D**tyDingo Crypto, XRP is not only a scam but Ripple’s co-founder Chris Larsen “admitted” that the token was security in 2012.
Following the statement, attorney John Deaton responded, saying that the comment was irrelevant.
“Whether the Ripple founders violated securities laws at some point is irrelevant to what XRP is today,” he said.
He further cited an instance that Bitcoin’s current legal classification has nothing to do with whether BTC pseudonymous founder Satoshi Nakamoto violated U.S. security laws in the early days.
John Deaton further said; “Let me quote what we forced the SEC to admit: “Stripped down, XRP is software code.” XRP, like gold, BTC, groves, etc., can be offered and sold as a security. Whether the Ripple founders violated securities laws at some point is irrelevant to what XRP is today.”
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Deaton is undoubtedly a strong supporter of XRP as he has strategized some level of defence in the course of the battle between Ripple and SEC.
Also, the attorney Deaton has filed an amici curiae brief in the Ripple and SEC lawsuit contesting the claim.
Furthermore, there has been a lot of support from the companies in partnership with Ripple against the SEC.
It is worth noting that Deaton also forced the Securities and Exchange Commission to concede on record that LBC secondary market transactions are not securities.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
