Ripple CTO Disgusted by SEC’s Behavior in Debt Box Case
The Chief Technology Officer (CTO) of Ripple, David Schwarz, has expressed his disgust over the “shocking behavior” of the US Securities and Exchange Commission (SEC) in the case against crypto company Debt Box. A judge has accused the SEC of “misrepresenting facts” to secure a temporary restraining order, which could tarnish Gary Gensler’s legacy.
Ripple CTO Riled at Lies in Debt Box Case
Earlier this year, the SEC claimed that Debt Box was fleeing US jurisdiction by relocating to Dubai. However, it was later discovered that this claim was materially wrong. The judge in the SEC vs. Debt Box case has given the SEC two weeks to respond and explain why it should not face penalties for making false claims.
In July, the SEC accused Debt Box of selling unregistered securities disguised as “node licenses.” The company allegedly marketed these licenses as mining tools but used them to create more cryptocurrency with software.
Congress Should Subpoena SEC: Deaton
A pro-crypto lawyer named John Deaton has encouraged the House Financial Services Committee to issue a subpoena to the SEC. This would be an unprecedented action against the agency, but Deaton believes it is necessary to challenge its overreach. Deaton has faith in the courts and believes that establishing a precedent through this case would be a significant blow to the administrative state.
The US House Committee on Financial Services Republicans have recently accused Gary Gensler of collaborating with an artificial intelligence (AI) firm to draft climate disclosure rules that would benefit the AI firm. This raises questions about Gensler’s conduct.
Hot Take: Ripple CTO Calls Out SEC’s Shocking Behavior in Debt Box Case
Ripple Labs’ CTO, David Schwarz, has criticized the SEC’s actions in the case against Debt Box, calling them shocking. The judge in the case accused the SEC of misrepresenting facts and violating rules. This controversy adds to the growing concerns about the SEC’s disregard for the law. Pro-crypto lawyer John Deaton has urged Congress to subpoena the SEC, believing that this would set an important precedent and challenge the agency’s overreach. The SEC Chair, Gary Gensler, has also faced allegations of questionable conduct related to climate disclosure rules. These incidents could mar Gensler’s legacy and raise doubts about the integrity of the SEC.
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