🚀 John E Deaton, the US attorney representing thousands of Ripple investors in a lawsuit against the US Securities and Exchange Commission (SEC), leveled harsh criticism at SEC Chairman - Gary Gensler.
Gensler has been criticized for his negative approach to the crypto industry, with some arguing that the Commission's stance could drive talent out of the US.
Gensler Must Go
Deaton claimed on Twitter that the SEC Chairman had "no idea" what securities were. The SEC filed a lawsuit against Ripple in December 2020, accusing the blockchain company of raising funds last year by selling XRP tokens as an unregistered securities offering to retail investors.
However, a mid-July court ruling confirmed that the sale was not considered an investment contract offer. Apart from thwarting the SEC's ambitions to win the case, this ruling had a positive impact on the price of XRP, which surged by more than 70%.
Deaton added that Gensler "completely ignored the fact that U.S. securities laws do not apply to the purchase of assets for non-investment use," urging him to vacate his position.
A few days ago, the lawyer argued that regulators could use all options to delay the final outcome of the lawsuit, but did not see how they could win.
Gensler did not comment on the lawsuit during his congressional testimony last week. However, he again criticized the crypto sector, describing people and companies operating there as "fraudsters" and accusing them of misusing customer funds.
Come on, discuss it in the comments column! Do you agree with John E Deaton's opinion? 😄
Gensler has been criticized for his negative approach to the crypto industry, with some arguing that the Commission's stance could drive talent out of the US.
Gensler Must Go
Deaton claimed on Twitter that the SEC Chairman had "no idea" what securities were. The SEC filed a lawsuit against Ripple in December 2020, accusing the blockchain company of raising funds last year by selling XRP tokens as an unregistered securities offering to retail investors.
However, a mid-July court ruling confirmed that the sale was not considered an investment contract offer. Apart from thwarting the SEC's ambitions to win the case, this ruling had a positive impact on the price of XRP, which surged by more than 70%.
Deaton added that Gensler "completely ignored the fact that U.S. securities laws do not apply to the purchase of assets for non-investment use," urging him to vacate his position.
A few days ago, the lawyer argued that regulators could use all options to delay the final outcome of the lawsuit, but did not see how they could win.
Gensler did not comment on the lawsuit during his congressional testimony last week. However, he again criticized the crypto sector, describing people and companies operating there as "fraudsters" and accusing them of misusing customer funds.
Come on, discuss it in the comments column! Do you agree with John E Deaton's opinion? 😄