Ripple spent $100M to fight against SEC, while FTX paid $10M for private meetings with SEC, Says Crypto Attorney
Ripple is a San Francisco headquartered fintech firm, known for its XRP coin-powered cross-border payment services. Since Dec 2020, this firm has been under huge legal hurdles with the United States Securities and Exchange Commission (SEC) but last week the SEC body officially dismissed all the charges.
On 25 Oct 2023, Crypto attorney John Deaton shared his opinion on the Ripple (XRP) vs SEC lawsuit journey and explained how Ripple grabbed impressive support, after 3 years, even from those who hated & supported suit against Ripple.
Deaton said that Ripple secured a 10-fold increment in its business growth despite a long-term bear season & lawsuit against the company & its executive.
Pro XRP attorney said that Ripple was fighting against the SEC’s enforcement actions and at the same time was hiring new talents for the company’s business growth, while other companies were laying off employees.
According to Deaton, many people created indirect pressure on Ripple to settle the case with the SEC but the whole situation guided Ripple not to settle & continue to fight against the charges.
“The smartest and most experienced people in the world – people like Joe Grundfest, @BrianBrooksUS @giancarloMKTS – all agreed that the case against Ripple should’ve settled long ago. But @ewarren and @GaryGensler’s war on Crypto wouldn’t allow it,” Deaton said.
Furthermore, Deaton dragged the FTX fraud case and said that FTX & FTX like other crypto companies were running crypto businesses without any systematic rules & fair policies but they were open to meeting with the SEC & CFTC officials. In particular, FTX paid $10 million to the administration for two private meetings with the crypto hater & SEC chairman Gary Gensler.
Ripple never paid money for such unfair & unethical activities but spent more than $100 million worth of funds to defend against the SEC’s charges.
By taking the example of the Lbry vs SEC case, Deaton explained how the SEC body easily destroyed the Lbry company & many people lost their jobs.
The whole summary showed a picture where bad actors were getting favors from the financial regulators to run their unregulated crypto business, while good actors were facing enforcement action badly.
Read also: US Crypto attorney says BlackRock Insiders may dump Bitcoin to -50%
