Attorney John E Deaton Criticizes SEC Chairman Gary Gensler
John E Deaton, the attorney representing Ripple investors in their lawsuit against the US Securities and Exchange Commission (SEC), has launched a scathing attack on SEC Chairman Gary Gensler. Gensler has faced criticism for his negative stance towards the cryptocurrency industry, with some arguing that this could drive talent away from the US.
Gensler’s Lack of Understanding
Deaton took to Twitter to express his views, claiming that Gensler has “no clue” what security is. The SEC filed a lawsuit against Ripple in December 2020, accusing the company of selling XRP tokens as unregistered securities. However, a court ruling in July determined that these sales did not constitute investment contracts. This ruling had a positive impact on XRP’s price.
Ignoring Non-Investment Use Cases
Deaton also criticized Gensler for ignoring the fact that US securities laws do not apply to assets purchased for non-investment purposes. He called for Gensler to step down from his position as SEC Chairman.
Gensler’s Silence and Criticism
Gensler had the opportunity to address the Ripple lawsuit during congressional testimony but chose not to provide any specific details. He has previously criticized the cryptocurrency sector, referring to people and companies involved as “hucksters” and accusing them of misusing customer funds.
Hot Take: Ripple Lawsuit Continues to Divide Opinion
The ongoing lawsuit between Ripple and the SEC continues to generate strong opinions and controversy. While John E Deaton represents thousands of Ripple investors who believe that the SEC’s case lacks merit, others support Gary Gensler’s efforts to regulate the cryptocurrency industry. The outcome of this lawsuit will have significant implications for the crypto market and its regulatory landscape. As the legal battle persists, it remains uncertain how the court will rule and what impact it will have on XRP and other cryptocurrencies.
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