SEC vs. Ripple: John E Deaton Slams Bitcoin Maxis Following Gensler’s Comment

SEC v. Ripple is one of the most well-known disputes that has been ongoing for more than two years. The SEC accused Ripple of marketing XRP as a security, numbing XRP’s potential to develop an upward price trajectory over time.

John E Deaton, the founder of CryptoLaw.US, has recently taken to Twitter to address the recent statement by Gary Gensler. The main point of the lawsuit is the allegation that XRP is a security. The very statement has been upheld by Gensler, who states that every cryptocurrency, except Bitcoin, is security.

Also read: Shiba Inu Burn Rate Spikes by 2300%, 82 Million SHIB Burned

Pro-Ripple Deaton says there is no consensus to back Gensler’s statement

The pro-Ripple lawyer also mentioned in his tweet that there is no consensus that every cryptocurrency except Bitcoin is security.

“There certainly isn’t a consensus w/in the legal community. Software code is NOT a security. It, like any other asset, can be offered and sold as a security.”

His tweet was a reply to Michael Saylor, an avid Bitcoin supporter, who also commented on Gensler’s statement.

Also read: Top 3 Cryptocurrencies to Watch This Week: VET, ETH, LINK

Deaton also slammed Bitcoin maxis, stating that the celebration over Gensler’s comments by them is pathetic. He also mentioned that Gensler is the same guy who prevented a spot Bitcoin ETF while allowing investment banks to trade both short ETFs and futures.

  • bitcoin
  • btc
  • Gary Gensler
  • John E Deaton
  • Michael Saylor
  • Ripple
  • sec

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