Pro-XRP lawyer Deaton identifies proposal that could have prevented SEC vs. Ripple lawsuit, highlighting Clayton and Hinman’s contribution to lack of clarity. A recent Twitter thread by John Deaton, a pro-XRP lawyer and founder of CryptoLaw, shed light on the potential ramifications of a Safe Harbor proposal by the U.S. SEC. Deaton suggested this proposal […] The post Deaton Says Ripple’s XRP Ownership Was Not an Issue in SEC Lawsuit first appeared on The Crypto Basic.

Deaton Says Ripple’s XRP Ownership Was Not an Issue in SEC Lawsuit

Pro-XRP lawyer Deaton identifies proposal that could have prevented SEC vs. Ripple lawsuit, highlighting Clayton and Hinman's contribution to lack of clarity. A recent Twitter thread by John Deaton, a pro-XRP lawyer and founder of CryptoLaw, shed light on the potential ramifications of a Safe Harbor proposal by the U.S. SEC. Deaton suggested this proposal could have brought clarity to the crypto industry and potentially prevented the legal battle between Ripple and the SEC. Like the one presented by SEC Commissioner Hester Peirce, a Safe Harbor proposal would give token issuers a grace period to develop their network free of federal securities laws under certain conditions.  https://twitter.com/JohnEDeaton1/status/1670970591912787968 Drawing attention to the SEC's primary concern, Deaton proposed that if the regulatory body had focused on Ripple's percentage of ownership in the outstanding XRP token, it could have set a specific timeframe for Ripple to reduce its holdings and meet the predetermined threshold. a16z Made a Safe Harbor Proposal  The observations made by Deaton stemmed from his conviction that the absence of explicit guidelines and a safe harbor framework has hindered the United States from keeping pace with the rapidly evolving crypto landscape. Highlighting the importance of a Safe Harbor Proposal, Deaton