Attorney John Deaton, who created CryptoLaw, responded to a recent statement by David Schwartz, Ripple’s CTO, in which he indicated that the major blockchain firm might cease operating in the United States.
In response to Schwartz’s remark, Attorney Deaton suggested that Ripple prioritize its interests. Deaton believes that the tech company must carefully evaluate what is best for its business, shareholders, and workforce.
Deaton also stated that Ripple’s decisions regarding whether to continue operating in the United States are not likely to be in the best interest of XRP holders or developers creating applications on the XRP Ledger (XRPL). Additionally, he noted that Schwartz’s remark is precisely why XRP holders required legal representation in the current legal dispute between Ripple and the SEC.
“This is a major reason XRP Holders had to be represented in the case. In the end, Ripple must decide what’s best for Ripple and its employees and shareholders – not what’s best for XRP Holders or other businesses developing on the XRPL.” Deaton said.
As previously reported, Schwartz expressed his desire that Ripple would not be forced into a situation where the company feels compelled to “walk through a door and slam it shut.”
Read more: Deaton Reassures XRP Community That Victory Against the SEC is Imminent
Schwartz stated that he could not promise members of the XRP community that Ripple would not contemplate departing from the United States.
His remark caused apprehension among XRP community members, who asked for further clarification.
In response to the concerns raised by the XRP community, Schwartz stated that he would prefer that Ripple Labs is not placed in a position where they have to consider any alternatives.
Support for Retail Investors by Counsel Deaton
Attorney Deaton is currently representing members of the XRP community as “Amici Curiae” in the Ripple v. SEC lawsuit. His primary goal is to ensure that the SEC is unsuccessful in its attempt to classify XRP secondary market transactions as securities.
Attorney Deaton has played a crucial role in pursuing this objective and has achieved significant success in this regard. Recently, he secured a significant victory for LBRY Credit (LBC) token holders in the legal dispute between LBRY and the SEC.
Deaton, who represented tech journalist Naomi Brockwell as amici counsel, persuaded the judge that LBC secondary market transactions should not be classified as securities. Additionally, he got the SEC to acknowledge that LBC secondary market transactions do not meet the definition of a security.
