SEC and Chair Gary Gensler Faces Backlash From XRP Attorneys
The U.S. Securities and Exchange Commission (SEC) is facing criticism from attorneys representing XRP holders, including John Deaton, after the agency filed to dismiss a $50 million fraud lawsuit against Debt Box. The SEC admitted to making false statements in the lawsuit, leading to penalties for misleading the court.
John Deaton specifically criticized SEC Chair Gary Gensler for the agency’s behavior under his leadership, accusing SEC lawyers of lacking allegiance to the law. The SEC has faced similar criticism from other federal judges and attorneys in recent lawsuits against crypto companies.
XRP Attorneys Slam SEC for Dismissal of Lawsuit
Attorneys such as Jeremy Hogan and Bill Morgan have also criticized the SEC’s approach, noting that it argued a significant fraud had occurred but chose to drop the lawsuit to avoid embarrassment and fines. XRP attorneys have been vocal about their dissatisfaction with the SEC’s lawsuits against crypto companies like Ripple, Binance, and Coinbase.
Coinbase Chief Legal Officer Paul Grewal also expressed frustration with the SEC’s actions, calling it an embarrassment for the agency to pull a lawsuit after causing damage to companies and seeking dismissal without prejudice.
Ripple CTO David Schwartz Condemns SEC’s Misconduct
Ripple CTO David Schwartz joined in criticizing the SEC’s misconduct in the Debt Box lawsuit. He accused the commission of misrepresenting facts in order to secure an order before the opposing party had a chance to defend itself.
Hot Take: XRP Attorneys Criticize SEC’s Dismissal of Debt Box Lawsuit
XRP attorneys, including John Deaton and others, have strongly criticized the U.S. Securities and Exchange Commission (SEC) for dismissing the $50 million fraud lawsuit against Debt Box. The attorneys argue that the SEC’s decision to drop the case is an attempt to avoid penalties and sanctions for misleading the court. They have accused SEC Chair Gary Gensler and the agency’s lawyers of lacking allegiance to the law and disregarding justice. This dismissal has added to the backlash faced by the SEC, which has already been criticized for its lawsuits against Ripple, Binance, and Coinbase. Overall, XRP attorneys are expressing their dissatisfaction with the SEC’s actions in recent cases involving crypto companies.
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