In a recent revelation, attorney John E. Deaton, known for his involvement in the Ripple vs. SEC case, has shed light on his cryptocurrency investment preferences. Contrary to popular belief, Deaton’s portfolio leans more towards Bitcoin (BTC) and Ethereum (ETH) than XRP. This disclosure comes as a surprise to many, given his vocal support for XRP.
Deaton’s cryptocurrency holdings
In a candid statement, John E. Deaton clarified his investment strategy and motivations in the crypto market. He debunked the notion that he was solely motivated by personal losses when he sued the US Securities and Exchange Commission (SEC) over their actions regarding XRP.
Deaton pointed out that when the SEC initiated its lawsuit against Ripple Labs and its executives in December 2020, he had already made significant profits from his XRP investments. At that time, his cryptocurrency portfolio included Bitcoin (BTC), Ethereum (ETH), and XRP, with XRP being his smallest investment compared to BTC and ETH.
However, Deaton disclosed that he bought more XRP after the lawsuit was filed, confident that they would win the legal battle. This move was akin to betting on himself and believing that the judge would uphold the law.
Deaton’s frustration with SEC’s allegations
Deaton expressed his frustration with the SEC’s allegations against him and other XRP holders who had acquired the cryptocurrency on the secondary market. He highlighted the absurdity and potential dangers of the SEC’s claims, particularly their assertion that XRP holders were in possession of an unregistered security.
Furthermore, Deaton clarified that he had never abandoned his investments in Bitcoin and Ethereum. In fact, he owned significantly more Bitcoin (10 times) and Ethereum (4 times) than XRP, despite emphasizing Ethereum’s regulatory leniency and conflicts of interest in his legal arguments.
Deaton’s involvement in the Ripple case goes beyond personal investment gains. He is an advocate who believes that Ethereum received a regulatory “free pass” from the SEC due to corruption within the agency. His stance underscores his commitment to addressing broader issues within the cryptocurrency industry.
Despite the legal battles, Deaton’s investment strategy remains diversified, with a clear preference for Bitcoin and Ethereum. He reiterated that he still owns ten times more Bitcoin than XRP and bought more after the SEC initiated the lawsuit, likening it to betting on himself and his 75,000 defacto co-defendants.
Optimism for crypto holders
Deaton’s statement comes at a crucial time, coinciding with Bitcoin’s recent surge past the $40,000 mark. He concluded his remarks with optimism for crypto enthusiasts, acknowledging the challenges they faced during the bear market. Deaton believes that in the future, skeptics will be replaced with admiration for those who held onto their cryptocurrencies through thick and thin.