John Deaton Urges US Regulators to Drop Ongoing Crypto Cases

Pro-XRP Lawyer John E. Deaton has urged for an end to the “crypto wars” led by the U.S. Securities and Exchange Commission (SEC).

John E. Deaton, an attorney known for his support of Ripple and other crypto companies, has voiced his frustration with the ongoing regulatory actions by the U.S. Securities and Exchange Commission (SEC).

In a lengthy post on X, Deaton argues that these cases, which he refers to as the "crypto wars," have consumed substantial resources without addressing substantive fraud.

"Having filed amicus briefs in the Ripple, LBRY, and Coinbase cases, representing users, developers, individual investors, and content providers, I’m sitting here thinking about the incredible waste of time, energy, money, and resources wasted during the last 4 years," wrote Deaton.

Deaton points out several instances where companies incurred substantial losses due to legal battles with the SEC. For example, he mentions that Ripple has spent over $150 million on legal fees in a case that did not involve any fraud allegations.

This situation has affected Ripple’s operations and influenced its partnerships and market activities, with consequences for XRP holders.

"XRP is sitting at $.38 cents, and I can tell you that had the SEC not filed this meritless lawsuit over 3 years ago (almost 4) XRP would be trading substantially higher, perhaps even over $1," added Deaton.

However, despite Deaton’s call for a reduction in aggressive SEC actions, the regulator continues its strict oversight.

Recently, the U.S. SEC sued Digital Currency Group, citing failure to disclose risks tied to Three Arrows Capital, which resulted in a $38 million settlement.