Ripple Vs SEC: Deaton Reveals the Shocking Motive Behind SEC’s Lawsuit Against Ripple

The post Ripple Vs SEC: Deaton Reveals the Shocking Motive Behind SEC’s Lawsuit Against Ripple appeared first on Coinpedia Fintech News

Crypto attorney and CryptoLaw founder, John Deaton, is questioning the true intent behind the SEC’s lawsuit against Ripple Labs. An active voice on Twitter, Deaton expressed his concern, urging the American public to seek clarity on what transpired between former SEC Chair Jay Clayton and Gary Gensler at the tail-end of 2020.

According to Clayton’s public records, the erstwhile SEC Chairman had two official meetings with Gensler in his final month at the helm. The timing of these meetings has raised eyebrows, as they took place just days before the SEC initiated the lawsuit against Ripple and its top executives, Brad Garlinghouse and Chris Larsen.

The Ripple Effect: A Shocking Exit?

Deaton, in response to these events, highlighted the unusual nature of filing such a significant case on the day of the Chairman’s departure. He referred to the Ripple lawsuit as the most noteworthy non-fraud enforcement action since 1946. To thicken the plot, several top SEC officials, including the directors of Corporation Finance, Trading and Markets (T&M), and the Enforcement Division, also departed the commission around the same time.

The collective departure of these top officials, which former SEC Commissioner Prof. Joseph Grundfest described as a ‘mass exodus’, has inevitably raised suspicions. He also noted that this exodus “called into question the use of discretion” at the commission. Deaton echoed this sentiment, asking, “What is your real motive for filing this case?”

Clayton Under the Spotlight

In an interesting twist, Deaton’s comments were in response to a tweet by Brian Costello, reacting to a recent interview with Clayton. In the interview, Clayton expressed his unease with the new aggressive enforcement strategy of U.S regulators, which includes filing multiple lawsuits against crypto businesses. This approach, he noted, marked a fundamental shift from the traditional American view of government role.

Deaton’s Ongoing Commentary on SEC vs. Ripple

Meanwhile, Deaton continues to provide his insights on the SEC vs. Ripple lawsuit, providing live broadcasts discussing various facets of the case. He has addressed misconceptions circulating in the crypto community, asserting that there is no “secret plot” behind the lawsuit and that everything about the case is genuine. He even speculated that the case might ascend to the Supreme Court, given the potential for an appeal of Judge Torres’ summary judgment.