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XRP lawyer takes jibe over SEC stance on nature of token after citing Japan bank programme

On August 12, XRP lawyer John E. Deaton mocked the US SEC over the token nature of XRP via a tweet citing the new programme of Japan Bank.

A Japan-based bank named Shinsei announced a new programme for its new and existing users. On depositing the yen currency, the users are liable to be awarded coupons in the form of Bitcoin (BTC) and Ripple (XRP). This new programme will be applicable until October 31, 2022.

However, this ongoing program grabbed the attention of John E Deaton XRP lawyer, in an important law case against the commission. Deaton slammed the US SEC and expressed that someone better let the chief know that the bank in Japan is dealing with illegal securities.

Deaton takes the reference of Japan bank, which offers their clients Bitcoin and XRP as a reward. However, he addressed how a bank could compare BTC with XRP. While Deaton makes fun of the SEC’s stance over the XRP by giving the example of Japan bank.

John once again mocked the commission by saying that it is an infringement of 76 years model. Deaton gave one more example of a bank in Australia which is mirroring the Japanese bank. Deaton added by saying that there is something that the SEC doesn’t realize but the rest of the regulators know.

XRP legal counselor mentioned that his organization Crypto Law will be delivering another video posing a similar inquiry to the regulatory authorities. He further added that perhaps the chief will affirm that the speech was screened of conflict. Nonetheless, Deaton accepts that the chief won’t respond to that.

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