Attorney Deaton explains how lucky the crypto industry is to have 75K XRP holders unite against the SEC.
Crypto-Law.US founder John Deaton has lauded the XRP community and LBRY for their contributions in defending the crypto industry. The prominent lawyer made this known while reacting to a statement by crypto YouTuber Wendy O.
In a tweet yesterday, Wendy O said: “I do not think we realize how lucky we are to have $XRP.”
XRP Holders’ Contributions
Reacting, Deaton said the entire crypto industry is lucky that 75K XRP holders chose to unite against the SEC.
Wendy is 💯 and here are some truths, whether some people want to admit it or not. The Crypto industry is lucky that 75K #XRP holders chose to unite and fight back and submit affidavits – affidavits that were cited by the Judge in her decision finding programmatic sales of #XRP,… https://t.co/unI1FlWEdP pic.twitter.com/YdQ9fEO7q6
— John E Deaton (@JohnEDeaton1) August 11, 2023
According to Deaton, XRP holders fought back and submitted affidavits supporting Ripple’s defense. Recall that XRP holders’ support was felt following Ripple’s submission of 3,000 XRP holders’ affidavits.
Interestingly, Judge Analisa Torres cited the document during her ruling on programmatic sales on digital exchanges.
As reported, Judge Torres declared Ripple’s programmatic sales on exchanges as non-securities. With the help of the affidavits, she said retail investors were not expecting to make profits directly from Ripple’s efforts.
“The Crypto industry is lucky that 75K #XRP holders chose to unite and fight back and submit affidavits – affidavits that were cited by the Judge in her decision finding programmatic sales of #XRP, on exchanges, even when sold by Ripple, to not be securities,” said Deaton.
LBRY and Naomi Brockwell’s Efforts Against SEC
Furthermore, Deaton said the industry is also lucky that LBRY and its CEO Jeremy Kauffman decided to fight for LBRY Credit (LBC) retail investors, despite losing at summary judgment.
In addition, Attorney Deaton highlighted the contributions of tech journalist Naomi Brockwell, who was fearless in the LBRY lawsuit after the summary judgment.
The pro-XRP lawyer said he represented Brockwell as amici curiae counsel to limit the judge’s ruling to only apply to direct LBRY sales. Attorney Deaton pointed out how Brockwell’s involvement in the LBRY lawsuit made a difference.
He explained that Judge Torres cited the LBRY hearing, where the judge promised him on record that he would clarify that his verdict in the case does not apply to secondary market transactions.