Following the Securities and Exchange Commission’s opposition to Amici’s request to participate in the upcoming Daubert challenge on behalf of XRP investors, attorney John Deaton believes the agency has deviated from its mission of protecting investors.
In a recent tweet, attorney Deaton lashed out at SEC chair Gary Gensler for having so much contempt for Ripple and its investors to the point that he has refused to take into consideration its mission of keeping investors safe.
“Think about [it]. The mission is to protect investors. I don’t have 6 investors. Not 60. Not 600. Not 6,000. Not just 60,000. But 68,100 individual investors have asked to be heard. @GaryGensler has so much contempt for us that he didn’t even have a low level assistant respond,” attorney Deaton tweeted.
XRP Investors Victimized in Lawsuit
XRP investors have been the victim of the ongoing lawsuit between the blockchain company and the SEC. During the build-up of the charges against Ripple, XRP was trading around $3 and was also in a neck-to-neck battle with Ethereum (ETH) over which crypto asset would become the second-largest cryptocurrency.
However, the Ethereum free pass speech made on June 14, 2018, by the SEC’s former Director of Corporation Finance William Hinman put an end to that competition, as ETH surpassed XRP in market capitalization.
At that point, it became obvious that it was only a matter of time before the SEC would sue Ripple for breaching its securities laws via its offering.
Truly, XRP investors were given an early Christmas present when the SEC sued Ripple for conducting unregistered security offering in the United States in 2013 that saw it raise $1.3 billion.
At the moment, the XRP has fallen 89% since it peaked at an all-time high of $3.4 in 2018, thus plunging investors into a severe loss.
SEC Objects to Amici’s Participation in the Lawsuit
It is noteworthy that recently, attorney Deaton took advantage of his amici status to request to represent 67,000 XRP holders in the upcoming expert testimony.
The SEC’s expert referred to as Mr. Patrick Doody, is expected to state the intent of XRP investors that prompted their investment in the cryptocurrency.
Interestingly, attorney Deaton had requested to represent thousands of XRP investors in the upcoming challenge, a move that was opposed by the SEC.
The SEC also requested that its objection to amici participation in the lawsuit should be sealed in a bid to protect the expert from further harassment and threats.