Pro-Ripple lawyer: ‘No consensus that everything other than BTC is security’
- Attorney John Deaton, a pro-Ripple lawyer, has chastised Michael Saylor for his stance on Bitcoin maxis.
- Deaton stated that only Gary Gensler and Bitcoin maxis believe that other cryptocurrencies are securities.
Attorney John Deaton, a pro-Ripple lawyer, has chastised Michael Saylor, the chairman of business intelligence firm MicroStrategy Incorporated, for his stance on Bitcoin [BTC] maxis. The digital currency ecosystem was disturbed since news of the SEC’s onslaught on key industry firms began making the rounds in February 2023.
Not true. Outside of @GaryGensler’s ? and #BTC Maxis, there’s no consensus everything other than #Bitcoin is a security. There certainly isn’t a consensus w/in the legal community. Software code is NOT a security. It, like any other asset, can be offered and sold as a security. https://t.co/MokmwLr7Ok
— John E Deaton (@JohnEDeaton1) February 27, 2023
SEC Chairman Gary Gensler stated in a recent interview with The New York Times that with the exception of Bitcoin, he considered all digital currencies to be securities.
Saylor reacted to Gensler’s comment, stating,
“Consensus is building that everything in the #Crypto industry other than #Bitcoin is a security, destined to be regulated by the @SECGov. This makes $BTC the only crypto-asset suitable for use as global money.”
Talk of consensus is false
In response, John Deaton stated that the talk of consensus is false. Additionally, only Gary Gensler and Bitcoin maxis believe that other cryptocurrencies are securities. According to Deaton, the regulator will have to fight to prove that each digital asset is, in fact, secure on a case-by-case basis.
Deaton went on to say that, despite Saylor’s reputation, what he was saying was completely incorrect.
“He’s a brilliant guy and he knows what he’s saying is not true.”
The lawyer found it difficult to blame Saylor. He explained that “the narrative” drove money away from alternative coins and into Bitcoin.
Over the years, John Deaton consistently defended claims that some cryptocurrencies, such as XRP, are sold as unregistered securities. The cryptocurrency supporter has earned a reputation as one of the most responsive legal minds. He constantly sheds light on the ongoing Ripple-SEC case, and what it means for millions of supporters.