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HomeCrypto NewsMarketXRP Pro Lawyer Disagrees With Saylor That All Crypto Assets Other Than Bitcoin Are Securities

XRP Pro Lawyer Disagrees With Saylor That All Crypto Assets Other Than Bitcoin Are Securities


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Attorney Deaton says Saylor’s claim is mistaken.

Pro-XRP attorney John Deaton has rebuffed comments made by MicroStrategy co-founder Michael Saylor, claiming that crypto assets other than Bitcoin are securities destined to be regulated by the Securities and Exchange Commission (SEC).

In a February 23 New York Magazine interview, SEC chairman Gary Gensler claimed that “everything other than Bitcoin” falls under the agency’s regulatory purview. Gensler’s assertions sparked a mixed reaction from cryptocurrency community members, with most Bitcoin maxis like Saylor applauding the SEC chairman for the comment. 

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In a February 26 tweet, Saylor said Gensler’s comment confirms that consensus is building that everything other than Bitcoin is a security and needs to be regulated by the SEC. He added that the development makes Bitcoin the only cryptocurrency suitable to be used as a global currency.

Attorney Deaton Says It’s False

Saylor’s statement did not sit well with attorney Deaton, who disagreed with the Bitcoin maxi in a tweet today. Aside from Bitcoin Maxis and Gensler, attorney Deaton said there is no consensus in the crypto industry that everything other than BTC is security.

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Deaton asserted that there is also no consensus within the legal community. The lawyer representing XRP community members in the Ripple v. SEC lawsuit said a software code could not be classed as a security. However, attorney Deaton added that the software code transformed into crypto could become a security like every other asset via the way it was sold.

According to attorney Deaton, Saylor knows his initial statement is false and is only issued to “push a narrative that drives out of altcoins and into Bitcoin.” 

The CryptoLaw founder said he could not blame Saylor for the comment, given MicroStrategy’s exposure in Bitcoin. It is noteworthy that MicroStrategy is one of the publicly-traded companies with significant Bitcoin holdings. In its Q4 2022 report, MicroStrategy announced that it increased its Bitcoin holdings to a whopping 132,500. 

Other U.S. Lawyers Disagree With Gensler

Meanwhile, attorney Deaton is not the only U.S. lawyer who has rebuffed the comments made by Gensler. 

Yesterday, Jake Chervinsky, a lawyer and Policy Lead at Blockchain Association, tweeted that Gensler’s recent assertion is not the law. He added that the SEC could not regulate the entire crypto asset market until it proves its court case. 

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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