Crypto Lawyer John Deaton Criticizes SEC for Delay Tactics in Ripple Case

Crypto Lawyer John Deaton Criticizes SEC for Delay Tactics in Ripple Case

SEC's Request for More Time Sparks Controversy

The SEC has recently asked for an extension to respond to amici curiae briefs in the high-profile Ripple case. This move has drawn sharp criticism from John Deaton, a well-known crypto lawyer and founder of CryptoLaw. Deaton, who represents XRP holders as an amicus curiae, called the SEC's request "pathetic and embarrassing." He questioned how experienced SEC lawyers, with their Ivy League backgrounds, could need more time to respond to arguments presented by a "Twitter lawyer," a reference to himself.

Ripple Objects to Further Delays

Ripple Labs has also opposed the SEC's request, arguing that it is a clear attempt to delay the case's resolution. Representatives of Ripple stated that the SEC's suggestion to seek additional time or pages if more amici curiae submit briefs is a "transparent attempt to further delay resolution of this case." They urged the court to reject the request, emphasizing the need for a timely conclusion.

Deaton's Sarcastic Response

In a series of tweets, Deaton mocked the SEC's request, highlighting the disparity between the resources available to the SEC and his own position as a solo practitioner. He accused the SEC of using delay tactics to cause anxiety among XRP holders. Deaton also expressed confidence in his ability to handle the case, stating, "They know that more delay (even slight) will cause some #XRPHolders anxiety. That’s why they said it. Or, they want to rush or rattle me. But I’m from the hood. I don’t rattle."

Ongoing Regulatory Battle

The case has also brought attention to the broader regulatory landscape in the U.S. cryptocurrency market. While the SEC has faced criticism for its handling of the case, the Commodities and Futures Trading Commission (CFTC) is increasingly gaining influence over cryptocurrency regulations. This shift could potentially limit the SEC's authority in the crypto space.

Conclusion

The SEC's request for more time has reignited debates about the agency's tactics and the overall regulatory framework for cryptocurrencies. As the case progresses, the outcome could have significant implications for the future of digital assets and regulatory oversight in the U.S.