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John Deaton, a renowned attorney supporting XRP, has criticized the decision by the U.S. Securities and Exchange Commission (SEC) to lodge aiding and abetting allegations against Brad Garlinghouse, Ripple's CEO. Deaton's remarks draw attention to comments made by former SEC leaders Bill Hinman and Jay Clayton during the ongoing Ripple Labs court case. Their testimonies hinted at XRP being seen as non-security, contradicting the SEC's stance which largely overlooked this potential classification.
Social media was also abuzz with users sharing their thoughts on potential witnesses in the SEC versus Ripple legal saga. One prominent user, Digital Asset Investor.XRP, voiced his wish to have Lowell Ness and Chris Dixon from a16z, along with the aforementioned Clayton and Hinman, as the leading testimonies in the trial.
In response, Deaton concurred with the importance of Hinman's testimony. However, he mentioned the legal complexities of summoning a former SEC chair to testify. In a broader context, he expressed disagreement with the SEC's move to accuse Garlinghouse. This viewpoint is further strengthened when considering Clayton's history of targeting business leaders in situations without evident fraud.
Garlinghouse's interactions with Clayton, the former SEC chief, also surfaced. Garlinghouse once expressed his sentiments about Ripple's uncertain standing after a key speech by Hinman. Yet, both Clayton and Hinman never expressly confirmed XRP's designation as a security.
Had clarity been sought from Clayton and Hinman earlier, the industry could have saved considerable time and resources, potentially paving the way for smoother cryptocurrency acceptance. Despite these concerns, the SEC is working on overturning their previous stance, even after Judge Analisa Torres declared XRP as non-security in specific scenarios.
On another note, market activities saw a noteworthy movement of XRP worth more than $20 million to exchanges. This transfer coincided with a drop in XRP's market price.
