Top crypto attorney and XRP advocate John E. Deaton has been very supportive of XRP and its issuer Ripple in the ongoing case between the United States Securities and Exchange Commission (SEC) and Ripple.
Deaton, who is representing thousands of XRP holders in the case, took to Twitter to announce his prediction of a win for Grayscale, citing the SEC’s history of losing when faced with resistance.
This move by Deaton comes at a time when Grayscale is also embroiled in a legal battle with the SEC.
The company had recently proposed to convert its $13.5 billion Grayscale Bitcoin Trust (GBTC) into a spot-based bitcoin exchange-traded fund (ETF), a proposal that was rejected by the SEC. Grayscale CEO Michael Sonnenshein had announced the company’s intention to challenge the decision in court.
Despite this setback, Grayscale’s expertise in the crypto industry could prove valuable to Deaton’s case against the SEC.
Grayscale is a digital currency asset manager that offers investment products in Bitcoin, Ethereum, and other cryptocurrencies. With years of experience in the crypto space, Grayscale’s knowledge and resources could prove useful in fighting the SEC’s allegations against Ripple.
The SEC had filed a lawsuit against Ripple in December 2020, alleging that the company had conducted an unregistered securities offering through the sale of XRP tokens.
Ripple has denied the allegations, arguing that XRP is a currency and not a security. The case has been closely watched by the crypto industry, with many viewing it as a test of the SEC’s authority over cryptocurrencies.
