Prominent XRP Lawyer to Testify at Congressional Hearing on Digital Assets

Washington, D.C. – John Deaton, a lawyer well-known for representing XRP holders, has offered to provide testimony at an upcoming congressional hearing on digital assets. Deaton, who has previously represented over 75,000 XRP holders in the Ripple case, expressed his willingness to participate in the hearing scheduled for January 10. The hearing will be held by the Digital Assets, Financial Technology, and Inclusion Subcommittee of the House Financial Services Committee.

Deaton’s decision to testify stems from his extensive experience in legal battles involving cryptocurrencies. He emphasizes his unique perspective in representing the interests of individual token holders, as opposed to crypto companies. In a tweet, Deaton criticized SEC Chairman Gary Gensler’s approach to investor protection and highlighted the paradox in the SEC’s actions against Coinbase. This sentiment echoes the growing feeling among crypto enthusiasts and investors that their interests are often disregarded in regulatory discussions.

The upcoming hearing aims to examine the Financial Stability Oversight Council’s changing framework for innovation. The FSOC has recently emphasized the need for Congressional legislation addressing risks associated with cryptocurrencies, particularly in regards to defining and regulating crypto spot markets and stablecoins. The Council’s latest report highlights concerns about price volatility, high leverage, and cybersecurity risks in the crypto market. The framework discussed in the hearing will play a critical role in determining the regulation of financial institutions, including those in the crypto sector.

With Deaton’s inclusion as a witness, the hearing could provide a more comprehensive understanding of the implications of regulatory changes on various stakeholders in the cryptocurrency ecosystem. By bringing his expertise and representing the interests of individual token holders, Deaton contributes a unique perspective to the discussion. This hearing holds significance for the future of innovation in the digital asset space, as it aims to shed light on the impacts of regulation.

In summary, John Deaton, a lawyer known for representing XRP holders, has volunteered to testify at an upcoming congressional hearing on digital assets. The hearing, scheduled for January 10, will focus on the changing framework for innovation by the Financial Stability Oversight Council. Deaton’s involvement brings a unique perspective to the discussion, representing the interests of individual token holders. This hearing holds significance in shaping the future of regulation and innovation in the cryptocurrency ecosystem.