Notable attorney John E. Deaton, who was an amicus curiae in the Ripple vs. SEC lawsuit, recently came clean about his crypto holdings. A strong believer in XRP, Deaton has come clean about his portfolio’s bias towards Bitcoin (BTC) and Ethereum (ETH).
Deaton freely admitted in a statement that he was not a vengeful investor seeking redress for his own losses via litigation against the United States Securities and Exchange Commission.” This is known to everybody who has followed me carefully. Jorge Tenreiro and other SEC attorneys lied to the judge in my lawsuit, claiming that I was an irate XRP holder who had lost money betting on the incorrect coin.”
Additionally, the attorney voiced his displeasure with the SEC’s accusations, highlighting how ridiculous and risky they were. A little correction: I’ve never gotten over Bitcoin. He then went on to explain his position on Ethereum and Bitcoin.
The investment in ETH specifically is most likely to surprise many people. Among those who think the US Securities and Exchange Commission gave Ethereum a “free pass” due to corruption is Deaton. As a result, the attorney is looking at the bigger picture for the cryptocurrency sector as a whole via his engagement in the Ripple case, which goes beyond his own financial stake.
“I wouldn’t have sued had the SEC restricted the allegations to solely Ripple, Brad Garlinghouse, and Chris Larsen,” Deaton said. But instead, the SEC asserted that individuals who bought XRP on the secondary market, even in countries that didn’t consider it a security, were in possession of an unregistered security, even though there hadn’t been a single case of precedent in the seventy-six years since Howey backed them up.
Even now, Deaton’s investing approach is varied, but he does like Ethereum and Bitcoin. “I still have ten times as much Bitcoin as XRP, just so you know. It was like wagering on myself and my 75,000 de facto co-defendants, so I did purchase more once the SEC sued,” he said.
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