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Lawyer John Deaton is beginning a class action lawsuit to fight allegations Ethereum (
$0.00 ) is a security.
The Managing Partner of the Deaton Law Firm posted a link to a Google Docs form for concerned investors to sign up.
Ethereum ( $0.00 ) investors feel the heat
On March 9, New York Attorney General Letitia James filed a lawsuit against KuCoin, alleging the exchange has been operating illegally in her state, including the offering of unregistered securities.
James directly called out Ethereum ( $0.00 ) , LUNA, and TerraUSD as securities, thus pushing for the court system to determine their securities status.
In June 2018, former SEC Director William Hinman gave a speech in which he gave his opinion that Bitcoin (
$0.00 ) and Ethereum ( $0.00 ) are not securities. The market interpreted this to mean the SEC had greenlit the two largest cryptocurrencies.
“based on my understanding of the present state of Ether, the Ethereum ( $0.00 ) network and its decentralized structure, current offers and sales of Ether are not securities transactions.”
However, in the ongoing SEC vs. Ripple lawsuit, doubt was cast on Ethereum ( $0.00 ) not being a security. The fair notice defense maintains that the XRP (
$1.14 ) token is similar to Bitcoin ( $0.00 ) and Ethereum ( $0.00 ) , and without fair notice otherwise, they had no reason to believe they breached securities laws through the sale of XRP ( $1.14 ) tokens.
Under questioning, Hinman said the speech was “intended to express my own personal views” and was not a reflection of agency policy, thus leaving the door open on Ethereum ( $0.00 ) ’s securities status.
It was discovered that Hinman had a conflict of interest via a former employer, Simpson Thacher, who is a member of the Ethereum ( $0.00 ) Enterprise Alliance.
John Deaton weighs in
Deaton led a class action lawsuit against the SEC, alleging the agency’s enforcement action against Ripple had harmed XRP ( $1.14 ) investors. Over 70,000 people joined the lawsuit.
Since enforcement began, Deaton has been an instrumental figure in bringing the SEC to task, including requesting intervention to represent the interest of XRP ( $1.14 ) holders in court.
A degree of animosity formed between the XRP ( $1.14 ) and Ethereum ( $0.00 ) communities over the former’s perceived special treatment. A tweet from Ethereum ( $0.00 ) co-founder Vitalik Buterin in December 2020 summed up this situation:
“Looks like the Ripple/ XRP ( $1.14 ) team is sinking to new levels of strangeness. They’re claiming that their shitcoin should not be called a security for *public policy reasons*, namely because Bitcoin ( $0.00 ) and Ethereum ( $0.00 ) are “Chinese-controlled”
However, with Ethereum ( $0.00 ) now in the firing line, @thebearabebull called it “perfect karma.”
Commenting on the past animosity, Deaton framed the situation and his willingness to help the ETH community as operating in a united front against the SEC.
He further clarified that this is about helping people, regardless of their crypto community affiliation.
“Sorry, but some people are missing the point. I don’t care about the “ETH folks” just like I don’t care about the “Ripple folks.”
