Pro-XRP lawyer John Deaton said the U.S. Securities and Exchange Commission (SEC) was wrong to bring aiding and abetting charges against Ripple CEO Brad Garlinghouse.
Deaton highlight The testimony of former SEC officials Bill Hinman and Jay Clayton in the SEC v. Ripple Labs case classified XRP (XRP) as not a security early on, but the agency willfully ignored this information for a long time.
On X (formerly Twitter), the user Digital Asset Investor.XRP explain If it were his choice, he would call a16z attorneys Lowell Ness and Chris Dixon, as well as former SEC officials Clayton and Hinman, as initial witnesses in the SEC’s legal battle with Ripple.
Jay Clayton related to the concept of an Ethereum free pass talk, where executives were tasked with leading efforts to bring about this position.
Deaton agreed that Hinman’s testimony was crucial. Notably, there was no opportunity to legally subpoena the former SEC chairman for trial. Still, Deaton believes the SEC’s decision to charge CEO Brad Garlinghouse was wrong, especially given Jay Clayton’s preference for personal, non-fraudulent File a complaint against executives.
He believed that Jay Clayton was of great importance as a witness and should testify in court. Notably, Clayton was approached by Ripple’s CEO and CTO, during which Brad Garlinghouse said “Ripple is living in purgatory” after Hinman’s speech. However, neither Clayton nor Hinman explicitly stated that XRP is classified as a security.
related: South Korean Generation Z Prefer XRP and Other Altcoins Over BTC and ETH, Report Says
Getting clarification from Clayton and Hinman could avoid legal fees, consume time and boost cryptocurrency adoption. Even after Judge Torres ruled that XRP is not a security, the SEC is still working to reverse the situation.
As previously reported by Cointelegraph, there are fears that the XRP price could drop to $0.41 if it does not see significant accumulation around the $0.50 support level. Consistent with this, a large whale moved over $20 million worth of XRP to exchanges while the price continued to break above its support level.
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