Attorney John Deaton, who represents over 76,000 XRP token holders in the ongoing Ripple lawsuit against the SEC, shared a video from 2018 wherein US investor Tim Draper is seen saying to SEC Chair Gary Gensler that the banks were in panic about the rise of cryptocurrency market.

“You can hear the bankers panicking right now (2018) and unite to say we are not letting this happen.”

The panic, in the words of Draper, is about crypto’s disruptive potential, and that incumbents would sue, exert media pressure and leverage government regulators to slow its progress. Deaton opined that it is all about protecting incumbents (banks).