Attorney Deaton says the 75K list will help to identify XRP holders during monetary recovery.
Attorney John Deaton, founder of CryptoLaw.us, has taken to Twitter to highlight the benefits of being on the 75K list, which consists of over 75,000 XRP holders.
Contrary to critics’ claim, attorney Deaton explained that joining the 75K list is good. He noted that the list helps to identify XRP holders, especially when there is a monetary recovery in SEC v. Ripple case and the civil litigation against the blockchain company.
If Ripple loses to the SEC there won’t be any money collected for years and ONLY if Ripple loses on appeal. If the Supreme Court takes it on appeal (which I believe they will if Congress hasn’t acted by then), I believe Ripple hands down wins with this Supreme Court. If the SEC… https://t.co/0xHw266YXf
— John E Deaton (@JohnEDeaton1) July 6, 2023
For context, attorney Deaton created the 75K list moments after the SEC sued Ripple. The list comprises over 75,800 XRP holders who support Ripple, arguing that XRP is not a security.
XRP Holders on 75K List Didn’t Waive Anything
In recent times, critics have alleged that XRP holders on the list will lose out during monetary recovery from the SEC or civil cases. Reacting to this claim, attorney Deaton said people who joined the list did not waive anything.
The prominent lawyer explained that if there is any money meant for XRP holders in the civil case against Ripple, he will likely be contacted because he is in possession of a list of 75K XRP holders.
“You must ignore the mor**s out there who claim [that] by joining the 75K list and arguing XRP isn’t a security is a bad thing if there is one day a monetary recovery for XRP holders,” said Deaton.
Furthermore, attorney Deaton noted that investors believing an asset is not a security cannot be punished if the court rules otherwise.
75K List Will Participate in Monetary Recovery
He asserted that XRP holders on the 75K list would not be denied from participating in any monetary recovery that may arise from the civil lawsuit.
“If there were a fund that allowed you to sell your XRP to the SEC or back to Ripple because of a civil lawsuit, you would NOT be denied because you joined the list saying otherwise,” Deaton said.
It bears mentioning that a federal judge recently certified a civil case, granting XRP holders the right to sue Ripple, alleging unregistered securities.
Civil Case Against Ripple Will Have No Result
Per Deaton, the civil case will not lead to anything because if the SEC wins Ripple, the regulatory agency will collect the money and establish a fund to pay XRP holders.
According to Deaton, Ripple will appeal the summary judgment if it loses against the SEC. Notably, Deaton believes the case could go to the Supreme Court, and the current situation might linger for the next 2-5 years.
However, he added that if Congress fixes the regulatory issues in the US crypto industry within this period, everything will go away.
“Bottom line, being on the list didn’t waive anything and, if anything, it identified your claims (if you have any) long ago,” Deaton concluded.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
