Despite being a vocal XRP advocate, crypto-focused lawyer John Deaton has revealed he owns ten times less XRP than BTC.
? Caitlin. Peter may have to get past the “XRP Attorney” label I was given when I sued the SEC.? Let’s be honest, Ripple wasn’t/isn’t the most liked company in the industry and Chris Larsen donating money to Greenpeace regarding Bitcoin mining understandably angered many… pic.twitter.com/VB794g5pmb
— John E Deaton (@JohnEDeaton1) December 3, 2023
Attorney John Deaton, founding partner of crypto-focused law firm Deaton Law, gained prominence in the crypto space for his support of the XRP Army. While the United States Securities and Exchange Commission (SEC) piled pressure on Ripple and declared XRP a “security” in 2020, John Deaton gathered an army of 75,000 investors to counter the regulator’s claims.
However, in a recent update, John Deaton revealed that his decision to support the XRP Army was not mainly because he ‘cared about Ripple.’ Instead, he did so as part of his commitment to helping the crypto industry fight against “government overreach.”
Further underlining that the noble move was more about protecting the industry than his affiliation with Ripple, John Deaton disclosed that he owned ten times more BTC than he did XRP. Deaton also has ETH as a larger portion of his crypto portfolio.
Anyone who has seriously followed me knows this. When I sued the SEC, SEC lawyers like Jorge Tenreiro lied and told the Judge I was a disgruntled #XRP holder who was upset because I bet on the wrong token and lost money. The truth was when the SEC filed suit on December 22, 2020,… https://t.co/F3TIrYY5dy
— John E Deaton (@JohnEDeaton1) December 3, 2023
Deaton Accurately Predicted Ruling and Bought More XRP Following Lawsuit
The crypto lawyer further revealed that he bought more XRP after the lawsuit, as he was deeply convinced that Ripple would win the case against the SEC. In fact, the lawyer’s latest exchange includes a Fox Business TV outing in 2022 when he accurately predicted that a court judge in the case would rule in favor of Ripple.
John Deaton predicted a win for Ripple at the time but also argued that the company wouldn’t be completely let off the hook. In line with his prediction, Judge Analisa Torres ruled in July that secondary sales of XRP tokens did not constitute securities transactions.
Meanwhile, both the SEC and Ripple are still locking horns regarding a potential ruling that would confirm institutional XRP sales as securities transactions. A ruling to that effect would mean a fine for Ripple and a settlement for the landmark case, which has now lasted nearly three years.
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.
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