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Ripple: ‘We forced SEC to admit that XRP is software code’ and no unregistered security – Report

Olivia BrookeBy 0Edited by Collin Brown 14. February 20233 Mins Read
Ripple vs sec
  • A potential Ripple win against the SEC might be underway after Attroney said the SEC has admitted that Ripple is a software code. 
  • Prominent Attroney John Deaton is putting his weight behind Ripple in case against XRP holders. 

Ripple is one step ahead of the US Securities and Exchange Commissions yet again. The ongoing lawsuit filed against Ripple by the SEC has mostly been favoring Ripple, with many leaders in the crypto space backing the community and its native token.



In another victorious news, John Deaton shared that Ripple has been able to successfully get the Securities and exchange commissions to finally admit that Ripple is a software code.

John Deaton is an attorney mostly revered in the Ripple space for showing suppprt for Ripple and keeping Ripple supporters a step ahead with updates from the court case. Deaton said in a tweet.

Let me quote what we forced the SEC to admit: “Stripped down, XRP is software code.” XRP, like gold, BTC groves, etc., can be offered and sold as a security. Whether the Ripple founders violated securities laws at some point is irrelevant to what XRP is today.

Attroney John Deaton is standing ten toes behind Ripple

John Deaton was replying to a Twitter user who said XRP was a scam. The user went on to claim that Chris Larsen, the co-founder of Ripple Labs knew that XRP was security back in 2012 and that he admitted it. Obviously, Deaton disagrees. Deaton also disagreed with self-proclaimed Bitcoin creator Craig Wright, who called XRP a scam. Deaton called him a Pot Kettle Black in return. John Deaton wrote:

I read the BTC WhitePaper. Tbh, I didn’t understand all the technical stuff but I knew I was reading something special that could change the world. Immediately, I had immense respect and affection for this Satoshi guy. Apparently, he doesn’t feel the same way.

Prior to this, John Deaton was notably planning to submit a request to file an amicus brief. The brief was to be filed with respect to the Zakinov versus Ripple Labs lawsuit.

The plaintiffs had claimed that Ripple offered XRP as an unregulated security. The group of plaintiffs is asking the court to certify a class of ALL XRP Holders who purchased.

John Deaton is arguing in defense of Ripple. His main talking point is focused on challenging their claims, to prove that XRP is not an unregistered security.



The case already has over 75,000 XRP holders who are not siding with plaintiffs. These holders will be present during the motion that will be held in California. They also believe that XRP is not a security.

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

Olivia Brooke has been writing about cryptocurrencies since 2018. She's currently fascinated by NFTs and remains committed to learning and writing about the broader cryptocurrency industry. Olivia holds a Master's degree in Economics, which has provided her with a strong analytical background to delve deeper into the economic implications and financial aspects of the cryptocurrency world. Her expertise and passion for the subject make her a valuable resource for understanding the dynamic landscape of digital assets and blockchain technology. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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