John Deaton, an attorney who holds a significant 75% stake in Bitcoin, has recently faced criticism from maximalists within the cryptocurrency community. Despite his strong commitment to principles of freedom and justice, Deaton found himself on the receiving end of backlash for his involvement in assisting Ripple holders.
Renowned trader Scott Melker expressed disappointment at the pushback Deaton received, stating that it is disheartening to witness Bitcoin enthusiasts criticizing him for helping Ripple holders. Melker firmly believes that Deaton’s actions would have remained the same regardless of the specific cryptocurrency involved, as his primary focus is on doing what is right for those in need.
Instead of recognizing Deaton’s success in bringing together 75,000 individuals with a shared cause and advocating on their behalf, the criticism was solely directed at his choice of cryptocurrency. This left Deaton perplexed, as he could not comprehend why the situation devolved to such an extent. In his view, government overreach is government overreach, regardless of the asset at hand.
Deaton recounted how, despite his significant investment in Bitcoin, he was labeled as the “XRP attorney” when he filed the case to assist Ripple holders. The fact that Bitcoin maximalists derogatorily referred to him in this manner troubled Deaton, especially since the core issue at hand was government overreach. He argued that libertarian principles should dictate the fight against such overreach, regardless of personal opinions on specific assets.
Deaton expressed his dismay at seeing some Bitcoin enthusiasts celebrate the actions taken by the SEC against Ripple, regardless of the broader implications for the crypto space. He emphasized the absurdity of considering assets purchased by individuals, including his own daughter, as illegal simply because they were unaware of the underlying company’s actions. Deaton stressed that such actions should offend any libertarian or Bitcoin supporter, irrespective of their stance on XRP or any other cryptocurrency.