The author of CryptoLaw has addressed the many critics of XRP who are certain that the SEC will prevail in its lawsuit against Ripple.
John Deaton, a creator of CryptoLaw and well-known XRP fan who has been following the Ripple-SEC case and routinely tweeting updates and his thoughts on it, recently took to Twitter to voice his opinion on yet another topic linked to XRP.
When XRP critics on Twitter insisted that the SEC was correct and that “XRP is definitely a security,” Deaton fired back.
In a tweet, Deaton said, “all these XRP haters” who have been tweeting that the SEC would easily win the case against Ripple cannot offer a reasonable explanation for why XRP is clearly security in their eyes.
The inventor of CryptoLaw said that the regulator could have easily targeted Ripple for the same reason in 2018 when SEC attorneys analysed the cryptocurrency that Ripple Labs uses in great detail. This note was dated June 13, 2018.
Also, he says, after reviewing the data, they gave the financial behemoth permission to resume selling XRP. They also let Ripple purchase a 9% share in MoneyGram so that it could continue to “dump XRP on the public” through the service.
Deaton argues that if XRP was obviously a security, the U.S. regulator wouldn’t have to spend two years on this litigation and “wouldn’t be confronted with a fair notice defence today.”
Deaton’s tweets were directed at crypto enthusiast @JayVTheGreat, who predicted that Ripple will come out on the losing end of the competition.
At the World Economic Forum 2023 this week in Davos, Ripple CEO Brad Garlinghouse stated optimism that a ruling on the litigation will be rendered this year, perhaps in the first half.
He stated the judge has been informed and all evidence has been submitted, so now all that can be done is wait. But Garlinghouse emphasised that he does not expect a settlement with the SEC since Ripple’s primary demand is to have XRP declared a non-security moving forward, which the SEC would not do.