John Deaton, an attorney and the legal agent of XRP investors, recently provided an update on the SEC v. Ripple lawsuit on Twitter. He first expressed his initial joy followed by a discouraging revelation. Deaton got an email filing about the case, which at first gave him the chills. His expectations were swiftly shattered, though, when he realised that the email had only announced one attorney’s exit from the case.
The ramifications of this withdrawal were swiftly explained by Deaton, who claimed that they had no bearing on the ongoing legal dispute between Ripple and the SEC. He also made it clear that the lawyer’s departure should not be seen as an indication that the matter has been settled or that any significant changes have taken place. According to Deaton, the withdrawal alone does not change how the case will proceed.
While Deaton endeavoured to resolve any questions or misunderstandings, Marc Fagel, another legal expert, had a similar viewpoint on the matter. Fagel, a former lawyer and former SEC director in San Francisco, showed support for Deaton by admitting that he had felt elated at first, then disappointed, after learning the news.
Fagel provided further contentious answers when asked about the turnover at the SEC under Chairman Gary Gensler. Fagel said anecdotally that the turnover rate had grown based on his views and experience. Fagel offered several speculative explanations for the increase, including staff displeasure with Gensler’s management or a competitive employment market for defence attorneys as a result of the SEC’s more assertive approach.
