Judicial Rebuke and Allegations of Misrepresentation
A federal judge has criticized the SEC for its handling of a crypto case, accusing the agency of making false and misleading statements that led to the freezing of millions of dollars in assets. The judge has demanded an explanation from the SEC and is considering sanctions for what appears to be a breach of trust.
XRP Lawyer John E Deaton has expressed his lack of surprise over the judge’s consideration of sanctions, highlighting the SEC lawyers’ tendency to intentionally mislead the court. He also emphasized the personal nature of the SEC’s approach to cryptocurrency cases and the agency’s disregard for Congressional requests.
XRP Lawyers Call For Congressional Action
John E Deaton has urged the U.S. House Committee on Financial Services Republicans, specifically Chairman Patrick McHenry, to oversee the SEC and its Chair Gary Gensler by issuing a Congressional subpoena. Despite acknowledging potential litigation risks, Deaton believes in the courts and sees the need to establish a precedent against what he perceives as SEC overreach.
Attorney Bill Morgan has expressed bewilderment over the Financial Services Committee’s reluctance to issue a subpoena, speculating on potential political motives. This highlights observers’ frustration and confusion regarding the political landscape influencing regulatory actions in the crypto space.
Additionally, John Deaton previously called on Congress to subpoena the SEC and Gary Gensler, citing a U.S. GAO discovery that they violated the law by creating SAB 121 without input from regulators and the public.
Hot Take: Concerns Over SEC Conduct Spark Calls for Congressional Intervention
The recent judicial rebuke of the SEC and allegations of misrepresentation have raised concerns about the agency’s conduct in crypto-related matters. Pro-XRP lawyers John Deaton and Bill Morgan are calling for Congressional intervention, urging the U.S. House Committee on Financial Services Republicans to issue a subpoena to oversee the SEC and its Chair Gary Gensler.
They emphasize the personal nature of the SEC’s approach, its disregard for Congressional requests, and the potential threat it poses to the crypto industry. The plea highlights the urgency for Congress to rein in the SEC’s perceived overreach and establish a precedent against its actions.
By
By
By
