- Pro-crypto attorney, John Deaton is setting up a Union to fight the SEC’s enforcement actions.
- He said the group he’s building should not involve those with fraudulent projects.
The efforts of the highly vocal pro-crypto lawyer, John Deaton to combat the actions of the United States Securities and Exchange Commission (SEC) are going a notch higher as he is now planning to build a union to take on the regulator head-on. While the move by the SEC to sue Ripple Labs Inc over its claims that XRP is an unregistered security was frowned upon, its new categorization of Proof-of-Stake (PoS) is considered a regulatory overreach.
Rather than sit on its oars, John Deaton has decided to be more proactive in His fight against the SEC and he is making moves to build a Union that will challenge the commission’s regulatory approach.
In a recent Twitter Thread, Deaton called on developers, projects, and other founders who have been previously sued by the SEC to reach out to him in what appears to be an organized push to fight back.
If you or anyone you know in the Crypto industry is in active litigation with the SEC (meaning they were sued by the SEC) or subject to investigative subpoenas or being asked to settle prior to an enforcement action, please email me at firstname.lastname@example.org.
The announcement reads, adding that he is “…attempting to assemble a group of companies/people who the SEC claims violated Section 5 of the Securities Act because they issued, offered or sold a token the SEC claims satisfies the Howey test.”
According to Deaton, the call does not include anyone whose project or token sale might have harmed investors in one way or another.
Please be advised that if there was real fraud involved in your case where people were harmed, scammed or rug pulled, that that is NOT what I’m talking about,” he reiterated.
What Can the XRP Lawyer Do
John Deaton has been a very prominent voice and is an Amicus Curiae in the ongoing Ripple vs SEC case and his input has not just helped enlighten the community about the details of the lawsuit but is likely to help guarantee victory for the blockchain payments firm.
For Deaton, every form of regulatory overreach by the SEC is hurting the industry and may eventually fuel the collapse of the industry if left unattended. Deaton believes the unity in the industry can be harnessed to form a union that can push back against the regulator.
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According to him, a better result might have been recorded had the legal counsels of LBRY.com and Ripple Labs been allowed to communicate and join forces. Deaton has already filed a class action lawsuit against the SEC as he looks to fight the regulator and has chosen to single out the top altcoin Ethereum (ETH) as a security, leaving out its claim about XRP.
With his law firm and influence in the industry, Deaton can actually give the regulator a good run for its money.
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