Ripple Executives and Lawyer Criticize SEC Over Debt Box Case
Ripple’s Chief Technology Officer and a prominent crypto lawyer are expressing dissatisfaction with the SEC’s approach to the Debt Box case, citing government overreach. The case, unraveling with revelations of false claims, has not only inflicted financial strain but also taken an emotional toll.
Market Value Takes a Hit
The SEC’s recent abandonment of a $50 million fraud lawsuit against Debt Box, coupled with admissions of making false statements, has left XRP Lawyers, led by John Deaton, critical of SEC Chairman Gary Gensler’s leadership. Furthermore, Ripple’s CTO, David Schwartz, also called out the SEC for playing dirty in the Debt Box case.
Despite the SEC’s admission of error, the consequences were swift and severe, with a 56% drop in the market value of the associated coin. John Deaton emphasized that SEC lawyers must remember to deal with real lives and livelihoods. It’s not just about rules but about fairness and justice. This isn’t just a legal tussle; it’s a call for the SEC to be responsible and fair in handling crypto companies. People are watching and want fairness and justice, not just legal action.
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