Republican Senate candidate and pro-crypto lawyer, John Deaton has challenged former SEC attorney Ladan Stewart in a debate raising concerns about her conduct while at the Securities and Exchange Commission (SEC). Deaton has actively advocated for investor rights in crypto and blockchain cases, and has accused Stewart of actions that harmed investors, particularly in cases involving Ripple (XRP) and LBRY.
After the election, either as Senator-elect or in my private capacity, I’d be more than happy to appear on a for a discussion/debate with or 🆚 Ladan Stewart. While at the @SECGov, she actively litigated against the very people she took an oath to protect – individual… https://t.co/0FowgXHMis pic.twitter.com/RazLRMLVf3
— John E Deaton (@JohnEDeaton1) October 29, 2024
Republican candidate Deaton went on to say that, during her tenure at the SEC, Stewart and her colleagues opposed filings from individual investors. Notably, they challenged Deaton’s role in the XRP case, where he represented XRP holders as amicus counsel. While the SEC’s General Counsel has a policy ing amicus briefs, Stewart and her team allegedly went beyond opposing a motion to intervene, arguing against any representation for XRP holders, which, according to Deaton lacked legal basis. Judge Sarah Netburn, who presided over discovery in the Ripple case, expressed similar concerns, describing the SEC’s conduct as lacking “faithful allegiance to the law.”
Deaton shared that Judge Analisa Torres ultimately referenced his filings and the nearly 4,000 XRP holder affidavits he submitted, using them in her final summary judgment decision, despite the SEC’s attempts to remove him from the case.
Deaton wrote, “Just because you switch sides for monetary reasons doesn’t mean you get a free on the conduct you were part of during the last four years. Innocent investors, developers and s (including more than $15 billion) were harmed, and continue to be harmed, by that conduct.”
Deaton also added that part of his decision to run for U.S. Senate is the “desire to restore ethics, as well as a faithful allegiance to the law”, in the government.
