The post John Deaton Says Michael Saylor’s Analysis of What Constitutes a Security Is ‘Deeply Flawed’ appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Members in the cryptocurrency world are still reacting to the statements made by MicroStrategy CEO Michael Saylor on a recent podcast. The latest person to react is lawyer John Deaton, who is defending over 68,000 XRP investors in the SEC v. Ripple lawsuit.
Moments after Vitalik Buterin, the founder of Ethereum, responded vehemently to Saylor’s remarks, Deaton shared his thoughts on the matter as well. Attorney Deaton invited Saylor to go on Crypto Law U.S. TV and defend his claim that Bitcoin is the only cryptocurrency that isn’t a security in a lengthy Twitter thread.
“Saylor basically asserts that if you are aware of the law then you would ONLY build on #Bitcoin b/c the rest of the shitcoins are securities. Saylor’s analysis of what constitutes a security is deeply flawed – which is quite surprising, considering how intelligent he is.”
Attorney Deaton was surprised by the remark because he believes the CEO of MicroStrategy is intelligent and ought to be aware of better behavior. Deaton also addressed Saylor’s remark that moral coders ought to solely use the Bitcoin Lightning Network.
“More disturbing are his comments that if you are ethical you will only rely on Bitcoin and Lightning. Ethical comments are nonsense and Saylor has to be better than that. The problem with his analysis is that he equates every potential developer with the founders of the platform. attorney Deaton tweeted.
Deaton asserts that many developers might decide to rely on a specific network, like Ripple’s XRP Ledger, only because it matches their vision. He continued by saying that these coders would make their decision independently of the blockchain’s creators.
The lawyer also mentioned SpendTheBits, a payment option that enables individuals to use their Bitcoins in payments at a reasonably reasonable cost. The developer constructed the solution on the XRP Ledger (XRPL), despite choosing Bitcoin as the primary payment mechanism.