Pro-XRP Lawyer Speaks on BTC ETF Filings, Predicts Major Shifts in Market Trajectory

Pro-XRP lawyer mimics crypto analysts as he jokingly projects all future possibilities in the crypto market while slamming the SEC’s refusal to authorize spot BTC ETFs.

As the crypto market continues to stay flat, with Bitcoin (BTC) displaying no significant upward or downward price movements, the founder of CryptoLaw and renowned pro-XRP lawyer, John Deaton, has teased about what crypto traders should expect in the coming weeks and months.

Acknowledging that he is no expert in crypto market timing or financial advisor, Deaton submitted earlier today that the crypto market is at a critical stage, urging investors to trade with caution to avoid being caught off-guard. 

I don’t know ? about timing the market. I have the receipts to prove it.

But I’m going to go out on a limb here. I have the feeling we’re about to experience a leg up or a leg down. Its also possible we trade sideways for a few more weeks. Not financial advice – literally.

— John E Deaton (@JohnEDeaton1) July 11, 2023

According to him, the market is likely to keep ranging for a few more weeks amid investors’ high bullish expectations aroused by many recent positive developments, including the rise in institutional crypto adoption and BlackRock CEO’s latest stance on Bitcoin. “It’s also possible we trade sideways for a few more weeks,” Deaton remarked. 

While the attorney representing over 75,000 XRP holders in the Ripple-SEC lawsuit also implied that it might be difficult to accurately predict the direction of the crypto market in the coming weeks or months, he teased that a massive rally or decline is imminent. “I have the feeling we’re about to experience a leg up or a leg down,” he said seemingly sarcastically.

His statement shows a projection of all possible outcomes, indicating that the top lawyer was catching fun with his followers. A follow-up tweet where he said that one of the three outcomes will play out confirms this.

I’m pretty sure one of the things I said above will happen ?

— John E Deaton (@JohnEDeaton1) July 11, 2023

Deaton Slams SEC Chairman

Deaton’s latest perceptions about the crypto market come shortly after the U.S.-based attorney castigated the Gary Gensler-led Securities and Exchange Commission (SEC)  for bouncing several spot Bitcoin exchange-traded funds (ETFs) filings submitted by global asset managers while it has approved a Bitcoin Futures ETF.

I was wondering whether @Grayscale was going to do this. The @SECGov and @GaryGensler have approved a #Bitcoin Futures ETF, a #BTC Short ETF and a #BTC Leveraged ETF but denies a #BTC Spot ETF because it can be manipulated. Genlser is a bad faith regulator. Period. https://t.co/sQ9tO3HYG6

— John E Deaton (@JohnEDeaton1) July 10, 2023

According to Deaton, the SEC consistently denies spot Bitcoin ETFs because they cannot be manipulated. This statement was in response to an update that showed a top investment manager Grayscale questioning the SEC’s regulatory methods.

Notably, Grayscale filed a letter with the District of Columbia Circuit on Monday, “highlighting the disparity between the SEC’s approval of a leveraged bitcoin futures ETF while continuing to deny approval of spot bitcoin ETFs like GBTC.”

Recall that several asset managers, including BlackRock, WisdomTree, Invesco, and Fidelity Investments, have recently pushed to launch their respective spot Bitcoin ETFs. While the SEC is yet to approve any, citing “inadequacies” in the filings, the immediate past U.S. SEC Chairman Jay Clayton said it would be challenging to resist approving a spot Bitcoin ETF.