The XRP lawsuit has taken a significant turn with the US Securities and Exchange Commission’s (SEC) decision to drop its appeal against Ripple. The platform is poised for major achievements as the Ripple case nears its long-awaited conclusion after the XRP community’s four-year struggle. With about 20 XRP ETFs ready to launch, advocate John Deaton reflects on Ripple’s journey over the past four years.
Notably, John Deaton sheds light on the phenomenal evolution of Ripple since 2020, despite the ongoing legal struggles. Let’s dive into Deaton’s critical role in the Ripple vs SEC case and the company’s potential developments.
XRP Lawsuit to ETF Launches: John Deaton Weighs In
Reflecting on the pivotal moments that shaped the Ripple landscape, XRP attorney John Deaton shared an X post earlier today. While Ripple has achieved a major milestone in the XRP lawsuit, Deaton looks back on his pivotal decision to file a Motion to Intervene in the case.
The Ripple lawsuit has since yielded significant milestones, most notably Judge Torres’ landmark decision that XRP is not classified as a security, paving the way for further growth and adoption. Building on this success, Ripple now stands triumphant with the recent launch of multiple XRP ETFs.
John Deaton’s Critical Role in the Ripple vs SEC Case
Interestingly, John Deaton filed a Motion to Intervene before four years, marking a significant turn in the XRP lawsuit. The lawyer asked Judge Torres to let XRP holders join the fray as defendants. Though many lawyers and individuals criticized him, he didn’t hesitate to move forward.
Further, citing his intention of gaining participatory rights as amici counsel, the XRP lawyer wrote,
I knew Judge Torres would never force the SEC to sue, at the time, 12,600 XRP holders (which grew to 75K) but man, did it send the right message. Other than sending that message, my real goal was to be appointed amici counsel, with participatory rights, which, in effect, she did.
Moreover, Deaton expressed his delight over Judge Torres’ summary judgment, which ruled XRP as a non-security. The lawyer explained that the judge cited the significance of XRP holder affidavits in her judgment. Notably, she referenced these affidavits on two separate occasions in her written XRP lawsuit ruling.
Recently, John Deaton underscored the significance of the potential tokenization of real-world assets (RWAs). In addition, he revealed how cryptocurrencies could help achieve the American Dream.
XRP ETFs: A Major Benchmark
John Deaton’s X post on the XRP lawsuit comes in response to the latest XRP ETF development. Recently, the NYSE Arca approved the Teucrium’s 2X Long Daily XRP ETF under the Securities Exchange Act of 1934.
“This is like the 20th XRP related ETF. Never say you can’t make a difference!,” stated John Deaton. With multiple platforms already applied to launch an XRP ETF, the community remains optimistic of the token’s future trajectory.
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