The defense lawyer and prominent commenter on the ongoing SEC-Ripple litigation, John E Deaton, tweeted this morning, echoing what he has been saying for the last two years: “clarity comes from court,” not from Congress or the Securities and Exchange Commission (SEC). He stated that the Supreme Court might handle the matter and that he is willing to “tussle in the court.”
Deaton tweets Ripple update
Significantly, on March 14, Deaton posted a thread on his official Twitter profile in which he cited the most recent developments in the case between the SEC and Ripple and his thoughts on the matter:
I’ve said for 2 years: Clarity comes from the Courts – not Congress – and not the SEC. It’s not the way it should be but it’s the way it is and the way it’s going to be. Hell, the Ripple case could be heard by the Supreme Court before Congress acts. We must fight in the Courts. https://t.co/9KZxhI7IFN
— John E Deaton (@JohnEDeaton1) March 14, 2023
Furthermore, his remark responded to a post made on Twitter by Eleanor Terrett, a journalist who works for the US media organization Fox Business. In her tweet, Terrett referred to the Congressional Budget Request that the SEC had submitted, bringing attention to the agency’s efforts to “scale up crypto prosecutions.”
Terrett confirmed her earlier comment by including a screenshot of the budget proposal, which outlined the agency’s plans to introduce more strategies to ensure compliance in the crypto industry. Terrett quoted the agency as saying, “We will not hesitate to use every available tool, including investigations and enforcement actions, to identify and address non-compliance as we ensure that issuers, intermediaries, and tokens comply with regulations.”
Deaton Clarifies XRP Ruling
Deaton remarked that the court accepts that the “provision itself is not a security” in response to US attorney Jeremy Hogan’s previous article speculating that presiding judge Analisa Torres may have already ruled whether XRP is a security.
In Deaton’s most recent post, he said, “it’s not the way it should be, but it’s the way it is and the way it’s going to be,” prompting several questions from the community. Although some wondered whether the court would determine the “rules for crypto,” several voiced concerns about the court’s possible compromise.