Pro-XRP Lawyer Says SEC vs. Binance is Like Ripple Lawsuit

Paigambar Mohan Raj
Source: Coinpedia

While appearing on a recent episode of CryptoLawTV, pro-XRP lawyer John Deaton said that the SEC vs. Binance lawsuit is similar to the Ripple case in regard to fraud charges. Deaton is representing over 70,000 XRP holders in the ongoing SEC vs. Ripple lawsuit.

On June 5, the US SEC sued both Binance and its CEO on allegations of securities law violation. A day later, the SEC filed a lawsuit against Coinbase for similar allegations.

According to Deaton, the Coinbase lawsuit does not make sense. This, he says, is because the firm’s listing on NASDAQ was approved by the SEC in 2019. XRP was one of the tokens listed on the exchange when the IPO was filed. However, when the SEC filed a suit against Ripple in December 2020, XRP was delisted from the platform.

Who does the pro-XRP lawyer blame for the SEC-Binance situation?

Deaton suggested that the SEC’s legal action against the two firms may have a political motivation. This is crucial because crypto is increasingly becoming a topic of discussion ahead of the 2024 Presidential elections.

Furthermore, the attorney questioned whether Senator Elizabeth Warren and SEC Chair Gary Gensler are advocating for the establishment of CBDCs, and are thus targeting crypto exchanges. Deaton has long contended that before the US administration adopts a full-fledged regulatory framework for digital assets, Wall Street heavyweights like Goldman Sachs and JP Morgan will attempt to capture some portion of the crypto market sector.

Nonetheless, although the crypto market took a beating upon the revelation of the lawsuit, things are starting to turn around. Bitcoin (BTC) is up by 4.6% in the last 24 hours, inching closer to $27k levels. Moreover, the global cryptocurrency market cap went up by 3.2% in the last 24 hours, currently sitting at $1.17 trillion.