Ripple Community Lawyer Expresses Gary Gensler's Positive Attitude
- Posted on December 17, 2023 6:37 AM
- Cryptocurrency Exchanges News
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Ripple community lawyer John Deaton criticized the SEC's stance in the regulatory dispute with Coinbase.
As the legal dispute between Coinbase and the U.S. Securities and Exchange Commission (SEC) continues, attorney John Deaton, an advocate for XRP, accused SEC Chairman Gary Gensler of manipulating public opinion and opposed Gensler's stance on cryptocurrencies.
Deaton's criticism came after the SEC rejected Coinbase's crypto regulatory application for three main reasons: applying existing securities laws to cryptocurrencies, regulating participation in crypto securities markets through rulemaking, and maintaining the Commission's discretion in determining crypto regulatory priorities.
In a post on X, Deaton reacted to statements summarizing Gensler's reasons for the Coinbase decision. Gensler stated that Coinbase's application to the SEC was based on the belief in the volatility of assets in the crypto ecosystem and the classification of all assets as securities under existing laws.
According to Deaton, this position contradicts Gensler's previous statements made before Congress in early 2023. Deaton argued that Gensler previously acknowledged that the unique nature of cryptocurrencies placed them outside the Commission's scope, creating a regulatory gap.
Deaton claimed that Coinbase's application relied on the SEC's perspective. He alleged that Gensler completely reversed his stance on crypto, attributing it to political reasons and Senator Elizabeth Warren's support.
The SEC's decision not to appeal its defeat against Grayscale Investments amid ongoing legal disputes with Coinbase and Binance sends mixed signals about the regulatory body's approach to the cryptocurrency ecosystem. There was a case regarding Grayscale's attempt to convert the Grayscale Bitcoin Trust into a spot exchange-traded fund, and the SEC decided not to appeal its defeat in this matter.
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