"Clearing SEC" as an election ticket! Ripple's lawyer says if elected, lawmakers will hold SEC accountable

Following the court document filed by the SEC in the Binance case, it states: "When referring to a crypto asset as a security, it is not the asset itself that is the security, but the full set of agreements for the sale of such assets." The SEC also mentioned that they will refrain from using this shorthand in the case with Binance going forward and expressed regret for any confusion caused. John Deaton, defense attorney in the Ripple case and a Republican candidate for the U.S. Senate, took to Twitter to express that the SEC should be held accountable for its severe overreach, with their misuse of confusing terminologies leading to investors losing $15 billion.

SEC Refers to Defendant's Cryptocurrency as "Crypto-Securities," Industry Mocks Fictional Term

Ripple's Defense Lawyers Clash with Regulatory Advocate Elizabeth Warren

"'Regrets the confusion the SEC's multiple mistaken statements that the tokens themselves are securities might have caused.' Coinbase's legal counsel Paul Grewl criticized the SEC for changing its wording in the Binance case. He directly named Ripple's legal counsel Stuart Alderoty, jokingly hoping he has a good night's sleep, because waking up to this scene might make his head explode.

As Ripple is one of the cryptocurrencies explicitly described as a "security" by the SEC in documents, Paul Grewl added: 'From past enforcement activities, it is clear that the SEC insists that the tokens themselves are securities, why then change the previous position and mislead the court?'

Ripple's defense attorney, also a Republican senatorial candidate, John Deaton, responded to Paul Grewl's article on Twitter stating: 'The SEC's misconduct and serious overreach has resulted in over $15 billion in losses for individual holders. I represent 75,000 individual holders, we do not accept the SEC's apology.'

In response to the SEC's supplements, he questioned why assets like oranges, trees, apartments, and even beavers have been packaged, marketed, or sold as investment contracts, but the assets themselves have never been considered securities?

John Deaton, a prominent cryptocurrency supporter, will face off against Democratic incumbent Senator Elizabeth Warren in the upcoming election. Elizabeth Warren is also well-known for her stance against cryptocurrencies, making the two extreme figures in cryptocurrency regulation.

John Deaton: Will Hold the Agency Accountable if Elected

'I fight to protect individual investors, and it's free.' John Deaton stated that he provides assistance to all retail investors for free, and mentioned that the SEC's misconduct has caused retail investors over $15 billion in losses, although he did not specify the source of this figure.

John Deaton said: 'All I ask is for the SEC to abide by the law and explicitly state that the XRP token itself is not a security. The SEC's lawyers not only refuse to do so but also personally attack me. I was appointed as a Friend of the Court attorney, and after hundreds of hours of pro bono work, my views were agreed upon by Judge Torres, a lifelong Democratic judge appointed by President Obama.'

He added, 'The Federal Court for the Southern District of New York has claimed that the SEC's lawyers lack fidelity to the law, only care about winning, and not protecting investors.'

He stated that since the SEC has acknowledged its mistakes, people should start holding them accountable. Clearly, Elizabeth Warren, who oversees the SEC, will not do so, so when he enters the Senate, he will fulfill that duty in her place.