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John E Deaton XRP LBRY

Pro-XRP Lawyer Deaton Blasts SEC For Millions Wasted In LBRY Case

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Prominent pro-XRP lawyer John Deaton has launched a scathing critique of the US Securities and Exchange Commission (SEC) in light of the regulatory body’s actions against blockchain company LBRY Inc. Deaton, renowned for representing XRP holders in the Ripple-SEC lawsuit, marked the regulatory body’s conduct as an exhibit of overreach.

“The LBRY case should be taught in law schools across the country,” Deaton asserted on X (formerly Twitter), emphasizing its significance not just in applying “the Howey Test to modern-day blockchain technologies and crypto,” but also as a “specific highlight [of] SEC overreach.”

Pro-XRP Lawyer Deaton Slams SEC

Elaborating further on his stance, Deaton criticized the SEC’s choice to pursue LBRY Inc., a relatively smaller entity, despite there being larger, more questionable activities to scrutinize within the crypto sector. He remarked that the regulatory body “picked a small American Company based out of New Hampshire, threatened to bankrupt it during the investigation, and then proceeded to bankrupt it – in a case where no fraud or misrepresentation occurred.”

Related Reading: Ripple And German Investment Firm Join Forces To Boost XRP Ledger

Meanwhile, the US Securities and Exchange Commission (SEC) has seemingly turned a blind eye to the real scammers in the crypto ecosystem. Deaton cites “FTX, Celsius Network, Voyager, Luna, Genesis, [other] pump and dumps” as potential targets for the US agency that it could have investigated and stopped to protect US retail investors. Instead, all of these companies caused a massive amount of damage.

Deaton’s tweet came in response to an announcement by LBRY Inc. Marked by a tone of resignation, they unveiled their decision to cease operations amidst unsustainable debts and continuous challenges posed by the SEC. The firm was initially slapped with a $22 million fine, which was later mitigated to $111,000 by the SEC, in cognizance of LBRY’s financial duress.

Following this, the company withdrew its appeal against the SEC and commenced its wind-down procedures, with all executives, employees, and board members tendering their resignations.

Related Reading: XRP Community Abuzz After Elon Musk Drops Cryptic ‘X’ Message

Commenting on the LBRY case’s broader implications, Deaton highlighted the expenditure of “millions of dollars” resulting in a $130,000 fine, painting a picture of inefficiency and failure on the part of the SEC.

His condemnation didn’t just pertain to the financial aspects but extended towards the regulatory approach and discernment exercised by the SEC in choosing its battles within the crypto landscape:

After millions of dollars were wasted, the SEC got a $130K fine. This case alone proves the SEC is a broken, failed and inept agency.

Remarkably, the conclusion of LBRY’s journey has elicited a mixture of disappointment and resilience from the crypto community. Despite the unfolding adversities, community members have conveyed their willingness to sustain LBRY’s open-source blockchain network, Odysee, showcasing the persistent spirit of the decentralized ethos.

At press time, XRP was trading at $ and eyed a daily above the 200-day EMA ($0.5172)

XRP price
XRP price sits just below the 200D EMA, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Crypto Economy, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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