Pro-XRP Lawyer Defends Crypto Giants Amid Legislative Push

• The European Union’s proactive stance on crypto regulation signals a commitment to stringent standards for foreign firms.
• Recent rulings and developments bolster the non-security status of Bitcoin, Ethereum, and XRP, challenging the SEC’s stance.
• Pro-XRP lawyer John E. Deaton shields major cryptos amid regulatory pushback, highlighting Bitcoin and Ethereum’s successes.

After increased demands for cryptocurrency regulation by Treasury Secretary Janet L. Yellen, John E. Deaton protects Bitcoin, Ethereum, and XRP from mounting legislative scrutiny. Deaton’s defense is important to the crypto community as it sails through a sea of regulatory uncertainties.

Deaton points out the current successes of Bitcoin and Ethereum in establishing their position despite regulatory discussions. The SEC’s approval for spot Bitcoin ETFs is a major achievement, signaling an implicit consent to the role of Bitcoin in financial markets. Not much behind, Ethereum has a similar position with futures ETFs already available, and BlackRock’s application for a spot in the Ethereum EFT suggests high institutional demand.

According to Deaton, these developments solidify the non-security status of these cryptocurrencies, rendering SEC Chair Gary Gensler’s hesitation to label Ethereum as non-security inconsequential.

Moreover, the position of XRP has strengthened significantly after Judge Analisa Torres’s ruling, which held that sales to retail investors are not securities. This judicial endorsement provides a layer of protection for XRP, distancing it from the ongoing debates about the securities classification of digital assets.

The Coinbase lawsuit against the SEC becomes a critical battleground, with results that may determine how crypto regulation develops. Deaton’s discussion of Bitcoin, Ethereum, and XRP is a precedent case that implies that the resolution of this lawsuit may impact the legislative environment for cryptocurrencies.

Over the Atlantic Ocean, the European Union is actively engaged in regulatory efforts. The European Securities and Markets Authority (ESMA) has taken the next step to publish two consultation papers, which will serve as a basis for collecting public views on MiCA regulation . This proactive approach reflects the EU’s commitment to establishing a consistent regulatory framework under which foreign crypto firms must comply with strict requirements.