Although Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC) has concluded, it continues to attract attention. Prominent attorney John Deaton recently claimed SEC lawyers engaged in intentional misconduct during the lawsuit, saying they misled the court.
SEC Misconduct Allegations
Deaton stated in a recent interview that the SEC’s legal team crossed ethical boundaries, calling for the dismissal of those responsible. His accusations center on how the SEC handled the Ripple lawsuit, with claims that the commission’s legal team misrepresented key details. He argued that this behavior went beyond normal legal strategy and was unethical.
Deaton’s remarks have ignited discussions within the XRP community, which has long criticized the SEC’s approach to regulating cryptocurrency.
Although the SEC has apologized for mischaracterizing XRP during the lawsuit, Deaton believes this is insufficient and that there should be serious consequences. His call for accountability strikes a chord with Ripple’s supporters, who are closely watching for any potential appeals from the SEC.
Read also: Ripple Case Exposes SEC Confusion as XRP Awaits Key Ruling
In Deaton’s words, “People should be fired. They should lose their jobs if they were in the decision-making process.” He also mentioned that Ripple spent over $100 million on defense and that he and XRP community members asked the SEC to remove the “XRP is a security” language to settle the case. He claims the SEC refused and even attacked him.
Ripple’s Settlement and the Potential for Appeal
Ripple’s legal battle with the SEC ended with a $125 million settlement last month, a substantial reduction from the $2 billion originally demanded. But, the SEC has not said if it will appeal the rulings, leaving XRP holders in limbo.
Meanwhile, former SEC attorneys Marc Fagel and James Farrell are near certain that the SEC will appeal the judgment. Attorney Fred Rispoli noted that the SEC remains unsure and may wait until the last minute to make an appeal announcement.
On the other hand, Ripple’s Chief Legal Officer Stuart Alderoty is confident that Ripple won’t appeal the judgment. He said Ripple had gotten a stay order on a $125 million penalty while further proceedings take place.
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