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Kriptoteka > Crypto News > Lawyer Fights SEC Over $15B Losses for XRP Investors
Crypto News

Lawyer Fights SEC Over $15B Losses for XRP Investors

marcel.mihalic@gmail.com
Last updated: September 17, 2024 11:51 pm
By marcel.mihalic@gmail.com 3 Min Read
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Contents
SEC Actions Leave XRP Investors VulnerableA High-Stakes Senate Campaign

John Deaton, a Republican candidate for the Senate in Massachusetts, has expressed his commitment to holding the U.S. Securities and Exchange Commission (SEC) responsible for the loss of $15 billion incurred by XRP retail investors.

During a September 16 interview on the “Good Morning Crypto Show,” Deaton emphasized his readiness to continue fighting the SEC until retail investors get the compensation they rightfully deserve.

SEC Actions Leave XRP Investors Vulnerable

Deaton, who has acted as an amicus curiae for over 75,000 XRP holders in the SEC’s lawsuit against Ripple Labs, was outspoken about the financial damage inflicted by the agency’s aggressive legal actions against the cryptocurrency company.

He asserted that the SEC’s overreach and “misconduct” resulted in significant losses for thousands of XRP holders, costing them nearly $15 billion when the token’s price dropped sharply due to the lawsuit.

Moreover, he stated that his clients “do not accept the SEC’s apology” regarding its management of the case. This was a direct response to the agency’s recent clarification on its use of the term “crypto asset securities” across multiple lawsuits against digital asset firms.

In a footnote to its amended complaint against Binance, the SEC expressed regret for any confusion caused by its terminology. Deaton criticized this as “intentional misconduct” and called for the dismissal of those accountable within the SEC.

The attorney has consistently maintained that the Commission’s actions adversely affect everyday investors. He argued that the financial devastation faced by XRP holders due to the SEC’s case is a situation for which they must be held accountable.

He also mentioned that he is awaiting the outcomes of an Inspector General (IG) investigation into this issue, which could pave the way for additional legal actions on behalf of XRP investors and possible compensation for their losses.

A High-Stakes Senate Campaign

In his U.S. Senate campaign, Deaton has presented himself as a defender of the common person, emphasizing the need for transparency and accountability from governmental entities.

He believes his criticisms of the SEC reflect a more comprehensive stance on regulatory overreach in the financial industry. Furthermore, he contends that the regulator’s approach to cryptocurrency signifies a system that prioritizes enforcement over the protection of individual investors.

During the interview, the former Marine reaffirmed his intention to propose legislation aimed at clarifying the distinction between commodities and securities in the cryptocurrency realm. He believes that this could safeguard retail digital asset holders from future regulatory overreach.

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