Deaton contends SEC lawsuit ignored XRP ownership
John Deaton, a prominent advocate for XRP and founder of CryptoLaw, recently discussed the implications of the proposed Safe Harbor by the US Securities and Exchange Commission (SEC) on Twitter. Deaton highlighted the importance of a proposal to clarify the crypto industry and prevent legal conflicts like the Ripple-SEC lawsuit . He explained that token issuers could be exempt from securities laws if they followed a Safe Harbor plan similar to one suggested by SEC Commissioner Hester Peirce. If Ripple’s percentage ownership of the outstanding XRP was the issue, the SEC could’ve drawn the line and gave Ripple 3-5 years to reduce their holdings to meet the maximum threshold set. Hell, Ripple’s done that anyway to help pay $200 Million in legal fees to fight the SEC. — John E Deaton (@JohnEDeaton1) June 20, 2023 Deaton also spoke about the significance of a Safe Harbor Proposal and referred to a meeting between Andreessen Horowitz (a16z) employees and former SEC Director Bill ...