Pro-XRP Legal Expert Calls for Gary Gensler’s Dismissal from SEC
John Deaton, a prominent legal expert supporting Ripple, has once again criticized the Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler. Deaton questions Gensler’s competence and calls for his dismissal from the Commission.
Gensler’s Lack of Understanding on Security
Deaton argues that despite Gensler’s academic background, he lacks knowledge about investment contracts or securities. According to Deaton, Gensler feigns ignorance about the application of securities laws to assets used for non-investment purposes. This criticism stems from an old clip where Gensler mentioned that Ethereum had transitioned from a security to a non-security due to its decentralization.
ETH Gate Saga and Ripple’s Legal Battle with SEC
Deaton’s comments come amidst the ongoing controversy surrounding Ethereum’s regulatory treatment and the long-standing legal battle between Ripple and the SEC. The SEC has been accused of favoring Ethereum while alleging that Ripple violated securities laws by selling XRP as unregistered securities.
Gensler’s Knowledge Questioned
Deaton also questions Gensler’s understanding of the Supreme Court’s ruling in the Forman case, suggesting it may explain his firm stance on cryptocurrencies as securities. In that case, the Supreme Court emphasized considering the “economic realities” when determining if an investment contract exists.
Gensler Disregards the Law
Deaton accuses Gensler of disregarding the law by refusing to consider the common enterprise factor in the Howey test, which determines whether something is a security. Last week, Deaton referred to Gensler as a “Megalomaniac” who believes he is above the law.
Call for Gensler’s Resignation or Removal
Deaton concludes by stating that Gensler “must go,” suggesting that the Chairman should either resign or be removed from office due to his alleged incompetence. Congressman Warren Davidson has introduced the SEC Stabilization Act, which aims to restructure the agency and remove Gensler as its chair.
Hot Take: Ripple Supporter Calls for Gensler’s Dismissal Over Lack of Competence
Pro-XRP legal expert John Deaton has once again criticized SEC Chairman Gary Gensler, questioning his understanding of securities laws and calling for his dismissal. Deaton argues that Gensler lacks knowledge about investment contracts and refuses to consider certain factors in determining whether something is a security. The ongoing legal battle between Ripple and the SEC has raised concerns about regulatory treatment, with accusations that Ethereum received favorable treatment. Deaton suggests that Gensler’s firm stance on cryptocurrencies as securities may stem from a lack of awareness of relevant court rulings. He asserts that Gensler disregards the law and calls for his resignation or removal from office.
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