Deaton Joined SEC and Ripple Lawsuit on Behalf of XRP Holders
John E. Deaton, a lawyer, has made known the main motivation behind his effort to take part in the United States Securities and Exchange Commission’s (SEC) lawsuit against Ripple on behalf of XRP holders.
A lawyer who is representing more than 75,000 XRP holders as an impartial advisor in the dispute on whether XRP is a non-registered security revealed this in a tweet yesterday. This was in response to an interview with Ripple’s General Counsel Stuart Alderoty by Blockworks, where he stated that Ripple would take legal action if the court ruled in favor of the SEC.
Deaton pointed out that Ripple is able to appeal the case as its sales of XRP continue, however, XRP holders and developers are in a different position. Consequently, his aim is to bring understanding regarding secondary market XRP sales even if Ripple does not win and even if it only comes in the form of a court ruling.
Deaton has previously stated the need for XRP holders to be represented in the legal action, and he reiterated this point last month by emphasizing that Ripple’s primary concern is its own interests.
“In the end, Ripple must decide what’s best for Ripple and its employees and shareholders – not what’s best for XRP Holders or other businesses developing on the XRPL.”– Deaton
The legal dispute has continued for a period of more than two years and is now expecting a decision from the court, which Deaton said could arrive shortly or possibly take another two months. Ripple also submitted an additional statement quoting a recent Supreme Court ruling that it feels backs up its defense of adequate notification.