XRP advocate John Deaton has vowed to hold the U.S. Securities and Exchange Commission (SEC) accountable for the $15 billion loss suffered by XRP investors due to the SEC’s lawsuit against Ripple. The legal expert, who is currently debating against Senator Elizabeth Warren, who is known for her anti-crypto stance, intends to make good on that promise when he is elected to the Senate. The attorney has outlined several ways he plans to hold the commission accountable.
John Deaton vows to hold SEC accountable
In a post on X, the XRP advocate promised to hold the SEC accountable for the 75,000 small XRP investors he represents in the SEC’s lawsuit against Ripple. The legal expert added that he does not want to accept an apology from the Commission. Instead, he plans to hold the SEC accountable when he gets to the Senate because Sen. Warren won’t do that. Specifically, the attorney claims that these small investors have lost more than $15 billion due to “the SEC’s gross misconduct and abuse of power.”
The Senate candidate highlighted how the federal court found that the Commission’s lawyers lacked “loyalty to the law” and were only interested in winning the case against Ripple rather than protecting investors, which is what they were entrusted with. The lawyer also noted how he fought to protect those investors and did it for free.
John Deaton acted as amicus counsel for these investors, addressing their concerns in the Ripple lawsuit. The lawsuit is said to have suppressed the price of XRP, especially since it was initiated in 2020, right at the time of the 2021 bull market, preventing these investors from enjoying the desired returns from the cryptocurrency.
