Blog

A professional-XRP lawyer has highlighted extra casualties and destructive impacts the regulatory authority has inflicted on XRP and its traders in addition to people and companies related to the cryptocurrency. 

So whereas Ripple has said it has misplaced over $200 million in its battle towards the US SEC, it appears that isn’t the one loss that has been incurred within the drawn-out battle. 

SEC Allegedly Damaged 75K XRP Followers

John E. Deaton, a pro-XRP lawyer has taken to X (previously Twitter) to publicly admonish the United States Securities and Exchange Commission (SEC) for its sequence of authorized actions and enforcements towards XRP, the native token of Ripple Labs. 

Deaton has been a strong advocate for XRP since its battle towards the US SEC started in 2020, and the cryptocurrency fanatic and lawyer has actively participated in the neighborhood, airing out his views in defense of the cryptocurrency and its worth as a world fee asset. 

In a current submit, Deaton stated that the US SEC has negatively affected hundreds of XRP traders and customers and these folks have been protesting towards the SEC’s actions towards the ecosystem for 3 years.

“The SEC harmed a lot of innocent people in the process. 75K investors, users, developers, and small businesses have been screaming the above for 3 years,” Deaton said. 

According to a civil filing, the SEC has destroyed greater than $15 billion price of property owned by harmless holders of XRP who had acquired the token on secondary marketplaces.

Ripple And SEC Legal Battle Developments

RealClearPolicy (RCPC), an American coverage web site, not too long ago published an article titled “The SEC is not King” on Thursday, September 30. 

In an X repost, Deaton acknowledged the article which highlighted important features of the Ripple and SEC authorized case from when the regulatory physique filed a lawsuit towards the crypto agency earlier in 2020, alleging that Ripple was promoting unregistered safety choices. 

Ripple had aggressively defended itself against the SEC and achieved a partial victory after Judge Analisa Torres dominated in favor of Ripple and rejected the SEC’s allegations that gross sales of XRP tokens on exchanges are safety gross sales. 

In a attainable try and salvage its fame and in addition acquire the higher hand towards XRP, the SEC filed an interlocutory appeal to reevaluate the Judge’s ruling and its case towards the token. In gentle of this, Deaton revealed a weblog submit titled “The Irony of Interlocutory Appeal” final week, castigating the SEC’s appeal scheme to probably delay the litigation.

The US SEC has additionally been struck by a blow that will put a dent in its case with XRP. The protection staff of Ripple not too long ago uncovered a pile of inside SEC paperwork and secret positions in regards to the token which might considerably undermine the SEC’s argument that XRP ought to be handled as a safety. 

This current growth has thrown a curveball within the ongoing authorized battle between the US SEC and XRP, elevating questions in regards to the SEC’s intentions for the crypto trade and its methodology of dealing with cryptocurrencies.

Token worth exhibits energy to kick off new week | Source: XRPUSD on Tradingview.com

Featured picture from Bitcoin News, chart from Tradingview.com