\u00a0<\/p>\n Attorney John Deaton is still advocating for XRP holders and does not seem to have issues with the SEC going after Ripple.\u00a0<\/span><\/strong>\u00a0<\/span><\/p>\n John Deaton, the legal representative of 72,500 Ripple (XRP) holders in a class action lawsuit against the Securities and Exchange Commission, has once again put the SEC on blast in\u00a0<\/span>a recent interview with FOX Business<\/a><\/span>.\u00a0<\/span><\/p>\n Deaton, who has continuously slammed the SEC, said the agency had stretched the Howey test, which the Ripple lawsuit is based on, beyond recognition.\u00a0<\/span><\/p>\n \u201cWhat I\u2019m saying is that in 76 years when you look at all the sec cases coming from the Howie case there\u2019s never been a case where there\u2019s been absolutely no privity between the purchaser and the buyer,\u201d<\/span><\/em>\u00a0Deaton was quoted as saying.\u00a0<\/span><\/p>\n Deaton: XRP Is Not A Security<\/span><\/strong><\/p>\n According to Deaton, based on the Howey case cited by the SEC, the sales and service contract, as well as the scheme, was referred to as security and not the underlying asset \u2013 \u201c<\/span>the orange.\u201d\u00a0<\/span><\/em><\/p>\n In the case between Ripple and the SEC, Deaton asserted that XRP is not security following the Howey test interpretation. Deaton said he is not against the SEC\u2019s quest to determine whether Ripple breached United States\u2019 securities laws via its 2013 Initial Coin Offering (ICO).\u00a0<\/span><\/p>\n \u201cSEC, if you can prove the case against Ripple, go out, go at it right now, do your job.\u201d\u00a0<\/em><\/strong><\/p>\n However, he is strongly against the SEC\u2019s claim that XRP is security ten years after the ICO was conducted, after many people have purchased the asset class from various trading platforms, including Coinbase.\u00a0<\/span><\/p>\n \u201cWhen you say that a person who has never heard of Ripple or has no idea of who Brad Garlinghous is, purchased [XRP] on Coinbase, [and you start] claiming that that token ten years later is an unregistered security with Ripple, now you\u2019ve stretched that Howie case beyond recognition,\u201d<\/span><\/em>\u00a0Deaton said.\u00a0<\/span>\u00a0<\/span><\/em><\/p>\n Deaton Charges SEC for Harming Investors<\/span><\/strong><\/p>\n Deaton has been making a case for XRP investors who suffered significant losses following the charges slammed against Ripple by the Securities and Exchange Commission.\u00a0<\/span><\/p>\n Recall that U.S.-based exchanges were forced to de-list XRP after Ripple was charged, as they fear the SEC may come after them. This caused the price of XRP to suffer tremendous losses.<\/span><\/p>\n It can also be recalled that after the SEC charged Ripple, Deaton also filed a class action lawsuit against the agency for harming the investors it sought to protect.\u00a0<\/span><\/p>\n Per Deaton,\u00a0<\/span>a total of 72,500 XRP investors from 141 countries<\/span><\/a>\u00a0have joined his class action against the SEC, with more people still willing to participate.\u00a0<\/span><\/p>\n The SEC continued to see Deaton as a thorn in the agency\u2019s flesh and tried to have the attorney thrown out of the lawsuit.\u00a0<\/span><\/p>\n![\"Follow-Us-On-Google-News\"](\"https:\/\/thecryptobasic.com\/wp-content\/uploads\/2022\/04\/Follow-Us-On-Google-News.png\")
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