The crypto market participants have in recent days began engaging in the debate around Ethereum Gate, which refers to the US Securities and Exchange Commission (SEC) allegedly giving preferential treatment to Ethereum Foundation. With XRP attorney John Deaton revealing that he had seen documents related to the alleged wrongdoings, it is being speculated that these developments mark just the beginning of a long drawn expose.
Attorney Client Privilege: What It Means?
The talk around Ethereum Gate intensified as Steven Nerayoff, an early advisor at the Ethereum Foundation, said in a September 17, 2023 tweet that people at the Foundation were hiding the real number of ETH buyers during the cryptocurrency’s 2014 initial coin offering (ICO). Earlier, CoinGape reported XRP lawyer John Deaton’s revelation that he had seen some of the ‘receipts’ that may uncover truth about the ICO numbers.
While agreeing to have seen the records, the lawyer apparently indicated Ethereum when he said he was not able to reveal the names as he was bounded by attorney client privilege. This means Nerayoff entered into an engagement agreement with attorney Deaton. This could essentially mean Deaton representing the former ETH advisor in the court if required.
Fred Rispoli, another attorney, clarified that the attorney client privilege could mean huge implications coming ahead. He warned that the partnership could lead to massive implications with “Very big things to come.” Does this mean Nerayoff suing the Ethereum Foundation over framing of fraud charges?
XRP Lawsuit Impact
Attorney Deaton, is known for his views that the US SEC favored Ethereum while making Ripple (XRP) project a scapegoat with the enforcement actions. Hence, a potential lawsuit filing on behalf of Nerayoff could be in the making over the next few months.