The attorney believes that the SEC failed to carry out a specific Howey analysis, focusing too much on the token instead of the circumstances surrounding the sale. Attorney John E. Deaton, as previously reported, had asserted that the only victory the United States Securities and Exchange Commission would likely claim in its case against Ripple The post Ripple Vs. SEC: Deaton Explains Why “SEC May Have Snatched Defeat From Jaws of Victory” first appeared on The Crypto Basic .