Massachusetts Republican Senate candidate John Deaton has indicated his intention to hold the U.S. Securities and Exchange Commission (SEC) accountable for its role in wiping out $15 billion from XRP retail investors.<\/p>\n
In a September 16 interview<\/a> on the \u201cGood Morning Crypto Show,\u201d the lawyer made it clear that he\u2019s ready to continue his battle with the SEC until retail investors receive the compensation they deserve.<\/p>\n Deaton, who represented more than 75,000 XRP token holders as an amicus curiae or \u201cfriend of the court\u201d in the SEC\u2019s lawsuit against Ripple Labs, did not mince words when discussing the financial harm caused by the agency\u2019s aggressive litigation against the crypto firm.<\/p>\n He claimed that the SEC\u2019s overreach and \u201cmisconduct\u201d cost thousands of XRP holders as much as $15 billion when the coin\u2019s value plummeted as a result of the lawsuit.<\/p>\n Furthermore, he added that his clients \u201cdo not accept the SEC\u2019s apology\u201d for its handling of the case. This was in response to the agency\u2019s recent clarification of its use of the term \u201ccrypto asset securities<\/a>\u201d in its various lawsuits against digital asset companies.<\/p>\n In a footnote in its amended complaint against Binance, the Commission said it regretted any confusion it may have caused from its use of the term.\u00a0Deaton called it \u201cintentional misconduct\u201d and demanded the firing of those at the SEC responsible for making such decisions.<\/p>\n The attorney has consistently argued that the Commission\u2019s actions hurt everyday investors. He suggested that the financial blow caused to XRP holders by the watchdog\u2019s case is something for which it must be held accountable.<\/p>\n He added that he is awaiting the results of an Inspector General (IG) investigation into the matter, which could potentially open the door for further legal action on behalf of XRP investors and possible reparations for losses they may have suffered.<\/p>\n In his campaign<\/a> for the U.S. Senate, Deaton has positioned himself as a champion of the ordinary man, focusing heavily on transparency and accountability from government agencies.<\/p>\n He says his criticisms of the SEC is a reflection of his broader view on regulatory overreach in the financial sector. Additionally, he believes the regulator\u2019s handling of crypto is indicative of a system that prioritizes enforcement over protecting everyday investors.<\/p>\n During the interview, the former Marine reiterated plans to introduce laws to clarify the distinction between commodities and securities in the crypto space. This, he argued, would protect retail digital asset holders from regulatory overreach in the future.<\/p>\n The post Pro-Ripple Lawyer to Continue SEC Fight Over $15B XRP Investor Losses<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Massachusetts Republican Senate candidate John Deaton has indicated his intention to hold the U.S. Securities and Exchange Commission (SEC) accountable for its role in wiping out $15 billion from XRP retail investors. In a September 16 interview on the \u201cGood Morning Crypto Show,\u201d the lawyer made it clear that he\u2019s ready to continue his battle […]<\/p>\n","protected":false},"author":0,"featured_media":7578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7577"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7577"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7578"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}XRP Investors Left Behind by SEC Actions<\/h2>\n
A Senate Race with High Stakes<\/h2>\n