XRP representative John E Deaton believes that ETH is an alphanumeric code and as such the SEC calling ETH a security is wrong.
“I’m not saying the government shouldn’t go after bad actors. Prosecuting individuals who have broken the law is different,” he said. declared.
Deaton, who is a former class action lawyer turned Marine, shared his thoughts on what SEC Chief Gary Gensler might do once Ethereum moves to PoS in September. He also addressed rumors of his supposed favoritism towards the SEC for suing ETH or its founders.
Recently I was very critical of VitalikButerin for his childish and hateful comment about XRPHolders losing their protection rights because Ripple executives portrayed ETH and BTC as technologies controlled by China 2 years ago when Ripple was sued by the SEC.
He went on to say that while he felt Vitalik’s comments were “demoralizing and stupid,” that doesn’t mean he would support authorities attacking today’s ETH like he has others. .
“Tokens like XRP, ETH, ALGO, ADA, XLM, etc., traded for 5-10 years should be treated as commodities and not securities,” he added.
XRP Lawsuit – Ripple Would Spend $100 Million
The founder of CryptoLaw recently stated that more than $15 billion was lost because the SEC “intentionally chose not to limit the allegations against Ripple to specific sales made by Ripple and its executives, but instead alleged all XRP, including secondary market sales of the token. , are unregistered titles.
This was in response to a tweet from Messari CEO Ryan Selkis who claimed investors lost around $1 billion to crypto frauds last year and another $7 billion due to the SEC denial. for a cash ETF.
Selkis also cited statements from Ripple CEO Brad Garlinghouse, who previously claimed the company would spend $100 million on its legal battle with the SEC.
Earlier, Stuart Alderoty, Ripple’s general counsel, criticized the SEC’s approach to consumer protection in a recent op-ed. Alderoty said that instead of protecting consumers, the SEC intends to let them “hold the bag.”
He then went on to say that instead of working with other regulators, SEC Chairman Gary Gensler has taken an assertive regulatory stance.