Coinbase Reveals SEC’s Request, Pro-XRP Lawyer’s Warning Comes True

  • Coinbase revealed SEC’s request to suspend trading of cryptocurrencies except Bitcoin before suing the exchange.
  • Before the SEC v. Ripple ruling, Deaton urged everyone to hope the SEC fails.
  • A different outcome in the XRP case might have emboldened a stronger anti-crypto stance among certain political factions.

Today, Coinbase revealed the Securities and Exchange Commission’s (SEC) request to suspend trading of all cryptocurrencies except Bitcoin prior to suing the exchange. Prominent attorney John Deaton has stressed the profound implications of the XRP ruling, highlighting its importance in the wake of the SEC’s actions against Coinbase.

According to Deaton, in his video posted over a year ago, he warned about the potential dangers facing all cryptocurrencies. He emphasized that at the beginning of his discussion regarding the SEC v. Ripple case, where he said:

I’m going to prove why everyone, even if you hate Ripple and despise XRP, should be hoping the SEC falls flat on its face.

In the video, Deaton argued that regardless of personal sentiments towards Ripple or XRP, it was crucial for the SEC to fail in its attempt to classify the token as a security. He stressed that the case had broader implications, as the SEC’s claims could extend to all cryptocurrencies, not just XRP.

Coinbase’s revelation of the SEC’s request has raised eyebrows and led Deaton to reflect on the potential implications of a different outcome in the XRP case. Had the SEC’s case against Ripple been successful, he argues that it may have emboldened a stronger anti-crypto stance among certain political factions.

Deaton points to subsequent actions taken by Democrats who voted in favor of the bill after Judge Torres’s decision, suggesting that their response might have been different if XRP was classified as a security. He describes the case as the most significant non-fraud SEC enforcement action in modern history, dating back to 1946.

Coinbase recently revealed that the SEC asked them to halt trading of all digital assets except Bitcoin before suing them for failing to register as a broker. According to Coinbase’s CEO, Brian Armstrong, the SEC demanded the delisting of all assets other than Bitcoin, claiming they were securities.

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