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Pro-Ripple lawyer: ‘No consensus that everything other than BTC is security’

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Pro-Ripple lawyer: 'No consensus that everything other than BTC is security'

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  • 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.

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.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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