Attorney John Deaton Says To Keep Your Eyes On January 30th—The Fate Of Crypto Decided?

December 29, 2022 10:36 am Comments

Attorney John Deaton believes that January 30th is the most important court date for the crypto industry at the moment.

The hearing concerns the LBRY case and LBRY’s attempt to limit the SEC’s remedies and regulatory retribution on the platform and its users.

Deaton explains that if the SEC gets its way, the regulatory agency can go into the secondary market and prevent people from using LBRY for personal purposes outside of investment.

He goes on to explain that there are many such users and that is why he filed an amicus brief on behalf of Naomi Brockwell…

Furthermore, according to Deaton, the SEC is violating the law and using overly harsh measures in a non-fraud case; he concludes that the SEC could only be doing this as a punitive and draconian measure to thwart the entire industry.

Here’s his full Twitter thread:

U Today explained:

The SEC requested a penalty equal to LBRY’s full pecuniary gain of $22,151,971, stating that LBRY’s gross receipts for its Section 5 violation amounted to the sum it received in return for its sale of 280 million LBC on trading platforms.


In related news from Daily Hodl, Deaton took aim at Gary Gensler, believing that he will further depress crypto prices:

Deaton says he expects Gensler to sue a crypto exchange and argues that most of the exchange’s tokens are unregistered securities:

“Coinbase has a market cap under $9B w/$5B in cash. I wouldn’t be surprised to see a takeover attempt if [Coinbase CEO] Brian Armstrong doesn’t accept an incumbent partner. I wouldn’t be surprised if Gary sues Coinbase attempting to serve as the proverbial straw, while investors get screwed.”

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