Attorney John Deaton Says SEC Investigated Ripple For 30 Months and Could Not Uncover Any Fraudulent Transactions

Ripple’s Transparency has continued to be one factor that has lured investors to adopt the cryptocurrency.

The lawsuit filed against Ripple by the Securities and Exchange Commission (SEC) has been one of the biggest cases in the cryptocurrency industry.

Enthusiasts Still Committed to Ripple Amid Lawsuit

Ripple enthusiasts are still solidly standing behind the blockchain company despite the case lingering for over a year, as they believe the lawsuit will soon disperse the same way it came about.

Many may not understand why Ripple enthusiasts are still bullish and expecting positive developments in favor of the blockchain company.

Attorney John Deaton, the lawyer representing over 65,000 XRP holders, disclosed in an interview today with Linqto, private equity investment firm, why he has chosen to throw his weight behind the crypto project.

According to attorney Deaton, Ripple has proven to be one of the most transparent cryptocurrency projects in existence without any shady dealings.

Per attorney Deaton, despite investigations from the Securities and Exchange Commission into Ripple’s transactions for more than two years, the authorities still could not find any fraudulent activity linked to the project.

“For 30 months, they [the SEC] looked at these guys [Ripple and Individual Defendants, Brad Garlinghouse and Chris Larsen]. They investigated them,” attorney Deaton said, adding:

“They even turned over every transaction that Garlinghouse and Larsen made, and every transaction that Ripple made between 2013 and 2020. After two and a half years, they did not come up with one claim of fraud or misrepresentation from Ripple.”

Deaton, who has spoken on a number of issues relating to the SEC lawsuit, noted that he does not think any other cryptocurrency project could come out spotless should the securities agency conduct an intensive investigation like they did with Ripple.

SEC Charges Against Ripple

Meanwhile, despite the investigations that came out negative, the SEC still slammed charges against Ripple and its executives for conducting an unregistered securities offering that saw the company raise $1.3 billion.

While the SEC is adamant that Ripple’s XRP is a security, the blockchain company thinks otherwise and is poised to prove that fact in the law court.

Following recent developments, a Joint Schedule Order was released last week that could see the lawsuit extended until next year.

Interestingly, the development has not deterred XRP investors from throwing their weight behind Ripple. They believe the lawsuit will end in the blockchain company’s favor, and the value of the digital currency will soar tremendously.