- Pro-Ripple defense attorney John Deaton has rebuked Michael Saylor for his stance on Bitcoin Maxis.
- Deaton said that only Gary Gensler and Bitcoin Maxis believe that other cryptocurrencies are securities.
Ripple defense attorney John Deaton chastised Michael Saylor, president of business intelligence firm MicroStrategy Incorporated, for his stance. Bitcoin (BTC) maxis. The digital currency ecosystem fell apart in February 2023 after news broke of SEC raids on major companies in the industry.
is not true. outside @Gary Genslerof 🧠 and #BT c Everything except Maxis, there is no consensus #bitcoin There is a security. There is certainly no consensus in the legal community. Software code is not security. Like any other asset, it can be offered and sold as collateral.
— John E. Deaton (@JohnEDeton1) February 27, 2023
SEC Chairman Gary Gensler said in a recent interview with the New York Times that he considers all digital currencies to be securities, with the exception of bitcoin.
Saylor responded to Gensler’s comment by saying:
“A consensus is building that everything in the #Crypto industry, apart from #Bitcoin, is a security, which will be regulated by @SECGov. This makes $BTC the only crypto asset suitable for use as global money.”
consent is false
In response, John Deayton said that the consensus is false. Also, only Gary Gensler and Bitcoin Maxis believe that other cryptocurrencies are securities. According to Deaton, regulators will have a hard time proving that every digital asset is truly safe on a case-by-case basis.
Deaton further stated that despite Saylor’s reputation, what he was saying was completely wrong.
“He’s a wonderful guy and he knows what he’s saying isn’t true.”
The lawyer found it difficult to blame Saylor. He explained that the “narrative” took money out of altcoins and invested it in bitcoin.
Over the years, John Deaton consistently defended Claims that some cryptocurrencies, such as XRP, are being sold as unregistered securities. The cryptocurrency advocate has earned a reputation as one of the most responsible legal minds around. He continues to shed light on the ongoing Ripple-SEC case and what it means for millions of supporters.