Ripple chief legal officer (CLO) Stuart Alderoty is not leaving any chance to take a dig at the SEC and Chair Gary Gensler, following Coinbase CLO Paul Grewal’s approach to mock the SEC and Gensler for mistakes that impacted the crypto industry. XRP lawyers including John Deaton also joined executives to mock Gary Gensler.
Ripple CLO and XRP Community Take a Dig At Gary Gensler
Ripple CLO on November 2 shared a WSJ opinion piece saying “Is Gary Gensler ever going to win a case?” It follows as the Fifth Circuit Court of Appeals handed Gary Gensler another legal defeat by criticizing the agency’s stock-buyback rule in the U.S. Chamber of Commerce v. SEC lawsuit.
The SEC has continuously violated the Administrative Procedure Act, with federal judges now saying the SEC has acted arbitrarily and capriciously. Grayscale for months argued that the SEC’a denying GBTC’s conversion to spot Bitcoin ETF is a violation of the APA and the Exchange Act.
Coinbase’s CLO Paul Grewal said:
“Before it was the DC Cir. in Grayscale. Now it’s the 5th Cir. in a challenge to its stock buyback disclosure rule. Again and again, federal courts of appeal hold that the SEC acted arbitrarily and capriciously in violation of the Administrative Procedure Act. The third branch remains our last, best hope.”
Recently, the Government Accountability Office (GAO) revealed that the SAB 121 rule by the U.S. SEC was drafted with no input from regulators and the public, which is in violation with the APA and the Congressional Review Act.
Also Read: EDX Markets Drops Bitcoin Cash (BCH) Amid XRP Listing Speculations
XRP Lawyers John Deaton and Bill Morgan React
Pro-XRP lawyers John Deaton and Bill Morgan also reacted to the SEC and Gensler’s losing streak. Deaton urges the Commissioners to act as leaders and not political operatives, as the SEC losing its credibility.
In addition, he also requested the Financial Services Committee to issue a subpoena, saying that “FSC fails to issue a subpoena while hundreds of American entrepreneurs are receiving them from Gary.”
Bill Morgan also said, “It is all political and all motivated by a political agenda.” He believes the SEC must stop bullying the crypto industry.
Also Read: Crypto Market Rally: BitMEX’s Arthur Hayes Explains Why “It’s Time To Pump” Bitcoin
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