Gamza Khanzadaev
Pro-XRP lawyer John Deaton talks controversies around Ripple, why he engaged in ‘XRP case’ and unveils Bitcoin dominance in his portfolio
In a recent social media revelation, John Deaton, a leading crypto lawyer and the legal representative for XRP holders, disclosed a striking contrast in his crypto portfolio.
Through a series of candid posts, Deaton emphasized that despite his prominent role in Ripple’s legal battle against the SEC, Bitcoin (BTC) holds a staggering 10 times more value in his investment portfolio than XRP.
Deaton, who gained prominence for his vocal advocacy in the legal proceedings against the SEC, clarified that his commitment to Bitcoin remains steadfast. Reflecting on his legal actions against the regulatory body, he highlighted that when he initiated the lawsuit on behalf of XRP holders, his positions in BTC were tenfold greater than his investment in XRP.
The seasoned lawyer also underscored the pivotal factor that prompted his legal intervention, asserting that if the SEC had restricted its allegations solely to Ripple, Brad Garlinghouse and Chris Larsen, he would not have pursued the case.
Instead, he criticized the regulator’s broader claims, alleging that even those who acquired XRP on the secondary market, in jurisdictions where XRP was deemed a non-security, were implicated.
Deaton revealed that he increased his XRP holdings after the SEC filed the lawsuit, framing it as a vote of confidence in his own legal endeavors and solidarity with the multitude of XRP holders affected by the case.
“I didn’t care about Ripple”
In a subsequent post, the lawyer addressed Ripple’s controversial reputation within the crypto industry, acknowledging the company’s divisive standing.
🙏 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
Despite his apparent distance from the crypto company, the lawyer emphasized the importance of challenging government overreach, particularly when it threatens the crypto space as a whole.