December 8, 2023

Lawyer John Deaton files a lawsuit against recognizing Ethereum as a security

Attorney John Deaton has launched a class action lawsuit to refute claims that Ethereum issecurity. The managing partner of the Deaton law firm posted a link to a Google Docs form for interested investors to register.

March 9, New York Attorney General LetitiaJames filed a lawsuit against KuCoin, alleging that the exchange was operating illegally in the state by listing unregistered securities. Additionally, she named Ethereum, LUNA, and TerraUSD as securities.

Since the start of the regulatory crackdown oncryptocurrencies and their classification as securities Deaton was instrumental in holding the SEC accountable, including by representing owners of XRP in court.

Due to the SEC's lawsuit against Ripple,Animosity developed between the XRP and ETH communities, which was fueled by a tweet from Ethereum co-founder Vitalik Buterin in December 2020, in which he called XRP a shitcoin:

Looks like the Ripple/XRP team is moving towards a newlevel of weirdness. They claim that their shitcoin should not be called a security for *public policy reasons*, and that Bitcoin and Ethereum are “controlled by China.”

However, now Ethereum has found itself in the same line of fire, and despite the tension created, Deaton has expressed his willingness to help the ETH community and present a united front against the regulators.

Some people are missing the point. I do not stand on the side of the “ETH supporters”, any more than I stand on the side of the “Ripple supporters,” as the lawyer described his impartiality in upholding justice.

News and notes about cryptocurrency and traditional financial markets, politics and technologies in Telegram.