Attorney John Deaton references his disclosure to FEC, saying his investment in XRP ranges between $1 million and $5 million as of August 2024.
The lawyer made this revelation while responding to an X user who accused him of secretly prioritizing Bitcoin investments over XRP.
How It Started
This comes after the pro-XRP lawyer commented on the potential impact of creating a strategic Bitcoin reserve in the United States. Deaton, who claimed 80% of his net worth is in BTC, suggested that Bitcoin might soar to $1 million if the U.S. government creates a Bitcoin reserve.
According to him, other countries may follow the U.S. in setting up a strategic Bitcoin reserve, potentially creating FOMO (Fear of Missing Out) for the premier cryptocurrency among nation-states.
Despite highlighting the potential of the move, he does not think the U.S. government will create a Bitcoin reserve. However, he believes President Donald Trump could issue an executive order mandating that federal agencies establish a reserve using the 207,189 BTC currently held by the government in blockchain wallets.
Deaton Issues a Rebuttal
Reacting to his commentary, IceQued labeled Attorney Deaton a ‘grifter’ who only endorsed XRP to gain people’s trust while keeping most of his money in Bitcoin.
Responding, Deaton emphatically dismissed the critics’ claim that he only advocates for XRP to lure investors to Bitcoin indirectly.
Attorney Deaton emphasized that he has been open about his crypto holdings. He stated that he initially owned more Bitcoin and Ethereum than XRP when he first started advocating for XRP investors in the SEC v. Ripple lawsuit. Interestingly, the lawyer stated that he acquired more XRP along the way.
Deaton’s XRP Investment Soars to Around $5M
Deaton referenced a publication from FOX Business, highlighting how his $600,000 initial investment in XRP suffered significant losses due to the lawsuit.
However, his XRP holding has soared significantly to around $1-5 million as of August 2024. Deaton noted that he disclosed this to the Federal Election Commission (FEC) while declaring his assets during the Senate election.
He encouraged the critic to conduct research, focusing on his public disclosures, before making such allegations. Deaton claims his advocacy for XRP holders is driven by fairness rather than financial gains.
Deaton’s Influence in Ripple Victory Against SEC
For context, Deaton played a crucial role in Ripple’s victory over the SEC. Specifically, Judge Torres cited his 3,000 XRP holders’ affidavit in her landmark ruling on programmatic sales of XRP.
These investors indicated they did not acquire XRP because of Ripple or hoped to profit from the company’s efforts.
Even though Ripple won the programmatic sales ruling, the SEC is currently making moves to overturn the decision in the Second Circuit. Its appellate brief is due on January 15, 2025.
