XRP Lawyer Deaton Requests Congress To Subpoena US SEC And Chair Gary Gensler

XRP Lawyer Deaton Requests Congress To Subpoena US SEC And Chair Gary Gensler

John Deaton, a lawyer representing 75k XRP investors impacted by the U.S. SEC vs Ripple Labs case, took to X in response to the U.S. Securities and Exchange Commission (SEC) not complying with the law in issuing SAB 121. The Government Accountability Office (GAO) finds that SAB 121 by the U.S. SEC was drafted with no input from regulators and the public.

Deaton Reacts To SEC Breaking The Law

Pro-XRP lawyer John Deaton in a post on X said it is a clear statement from the U.S. GAO that the Securities and Exchange Commission (SEC) under Chair Gay Gensler broke the law.

Reacting to the SEC issuing SAB 121 without congressional review, Deaton highlighted the mistakes the SEC voluntarily made against crypto, hurting investors rather than protecting them.

“It was an incredible statement for a federal judge to make. I was shocked at the little attention MSM paid to such a shocking statement. Here’s what I can say with great conviction: Today, the SEC does more to hurt investors than it does to protect investors. It has become both an inept and corrupt organization.”

In addition, he argues that the SEC has consistently failed to follow the law when it comes to the Ripple lawsuit. Federal judges literally stated the SEC’s enforcement lawyers and the SEC leadership as “hypocrites” for their irrational approach towards regulating crypto. He also but they also “lack a faithful allegiance to the law.”

Federal judges have called the US SEC’s claims “arbitrary and capricious” in the Grayscale lawsuit and Judge Netburn in the Ripple XRP lawsuit used the word “hypocrisy” to describe the SEC’s inconsistent positions.

Read More: Ripple Q3 Report Shows 5% US Exchange Growth Amid Legal Win

XRP Price Continues Rally

XRP price jumped more than 1% in the past 24 hours, continuing its rally in the earlier weeks. The price has increased nearly 20% last month, with the price currently trading at $0.60.

The 24-hour low and high are $0.582 and $0.612, respectively. However, trading volume has decreased ahead of the U.S. Fed rate hike decision.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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