John E Deaton, the Founder of Crypto-Law.us, took to Twitter to address the ongoing debate surrounding Ripple’s XRP and its listing on Coinbase. Deaton responded to a tweet from Bill Morgan, a renowned attorney, and stated that Ripple has decided not to list XRP on its Liquidity Hub platform until there is more regulatory clarity in the US related to XRP.
Deaton’s tweet responded to Morgan’s assertion that a Coinbase XRP listing would not follow. Morgan questioned why Ripple would expect Coinbase to relist XRP when Ripple had recently decided not to use XRP in its liquidity hub service.
According to Morgan, the main objective of the meeting was to explore ways in which Ripple could assist Coinbase in their petition for a writ of mandamus or their defense against the SEC enforcement action.
Deaton’s Twitter thread further shed light on the efforts of Crypto-Law.us in the ongoing legal battle between Ripple and the SEC. He stated that the amicus brief filed by Crypto-Law.us informed the Judge that 75K XRPHolders from the US and 143 countries worldwide had joined in objecting to the SEC’s alleged protection.
Deaton also noted that Crypto-Law.us submitted over 3,500 affidavits from investors, users, and developers to help get the SEC’s expert testimony excluded.
Deaton expressed confidence that Judge Torres recognizes the huge public interest in the case and will act accordingly. However, he added that until the exact language of the ruling is released, it is impossible to predict whether Coinbase or even will list XRP on their platforms immediately.
The different treatment of XRP by Coinbase, which halted secondary market sales on its exchange, than any other digital asset traded on its exchange that the SEC has alleged in its lawsuits are securities, will continue to be an issue.
Ripple Lawsuit: Community Responds To Deaton’s Tweet
In response to Deaton’s tweet, community members have expressed their appreciation for his efforts in highlighting the weaknesses of the SEC complaint against Ripple. They believe that his intervention has significantly raised awareness about the issue in Congress, making crypto a “hot potato” among legislators.
One community member also questioned the timing of Judge Torres’ decision, asking if it would be made tomorrow or on May 6th, 2024. The comment elicited some humor from others, as it is clear that the date of May 6th, 2024, is still far in the future.
The community has widely recognized Deaton’s efforts in fighting for regulatory clarity in the crypto space, and many are eagerly awaiting Judge Torres’ decision in the Ripple-SEC lawsuit.
However, it remains to be seen what the future holds for XRP and Ripple. Still, Deaton’s contributions have undoubtedly played a significant role in shaping the conversation around crypto regulation in the US.
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