The global crypto industry is trading in volatility as regulators are still looking to provide clarity over it. In the meantime, lawyer John Deaton, Amicus Curies in SEC vs Ripple Case has laid down the pattern US SEC is following to win the lawsuits against firms.
Is SEC following a pattern?
John Deaton in a Twitter thread explained the SEC’s complete pattern of investigation and suing the firms. He called it SEC Modus Operandi.
He highlighted that Brad Garlinghouse, Ripple CEO said that they will be spending around $100 million on legal fees. While LBRY Jeremy Kaufman has spent one third of their fund on legal fees.
However, Dragonchain went on to spend $2-$4 million in legal fees before the case. Now, the firm is facing a long and expensive legal battle against the SEC.
XRP lawyer highlighted that he was critical of BlockFi’s extortion payment to the SEC Chair. He brought up that Zac Prince agreed to pay $100 million for pre suit settlement. While Ripple was investigated by the commission for 30 months that too before the filing was filed.
