XRP advocate John Deaton has urged Congress to subpoena the US SEC and Chair Gensler. Deaton alleges the SEC’s mishandling of the Ripple lawsuit and the controversial SAB 121 policy, drafted without public input, have harmed crypto investors. XRP’s value is rising amid the legal turmoil, while the community awaits regulatory updates. Deaton’s plea adds to the ongoing XRP-SEC saga.
In a surprising twist of events, attorney John Deaton, representing a substantial contingent of 75,000 XRP investors adversely affected by the ongoing legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, has passionately implored the United States Congress for intervention. Deaton’s plea earnestly requests Congress to issue subpoenas to the SEC and its Chair, Gary Gensler, in response to alleged legal transgressions.
The crux of the matter revolves around the SEC’s introduction of SAB 121, a policy that has ignited vigorous discourse within the cryptocurrency sphere. A recent report from the Government Accountability Office (GAO) disclosed that the SEC formulated SAB 121 without soliciting input from regulators or the public, a revelation that has sent ripples throughout the industry.
XRP Advocate Deaton’s Scathing Critique Of SEC On Social Media Platform ‘X’
Making use of the social media platform “X,” Deaton seized upon the GAO’s findings to launch a withering critique of the SEC, contending that Chair Gary Gensler’s leadership had flagrantly disregarded established legal standards.
In his statement, Deaton underscored the SEC’s violations, notably its failure to adhere to the prescribed legal procedures in the creation of SAB 121. He argued that these actions have detrimentally affected cryptocurrency investors, rather than fulfilling the SEC’s mandated role of safeguarding their interests.
Furthermore, Deaton pointed out what he perceives as the SEC’s mishandling of the Ripple lawsuit, a scenario in which federal judges have rebuked the regulatory agency’s approach. These judges have branded the SEC’s enforcement attorneys and leadership as “hypocrites” due to their inconsistent and irrational approach to cryptocurrency regulation, suggesting that they “lack a steadfast commitment to the law.”
Notably, recent legal proceedings against the SEC in cases such as Grayscale have labeled the agency’s assertions as “arbitrary and capricious.” In the ongoing Ripple XRP lawsuit, Judge Netburn has characterized the SEC’s positions as “hypocrisy.”
Despite the legal turbulence and the ensuing controversies, XRP investors remain undaunted, with the value of XRP continuing its upward trajectory. Over the last 24 hours, XRP has recorded an increase of more than 1%, building on the positive momentum of previous weeks. In the past month, XRP’s value has surged by 20%, with the current trading price standing at $0.60.
Nonetheless, it is worth mentioning that the 24-hour price range for Ripple fluctuates between $0.582 and $0.612. Simultaneously, trading volumes have receded as the cryptocurrency market awaits a decision on adjustments to U.S. Federal Reserve interest rates.
As the XRP community braces for further developments in the legal and regulatory arena, Deaton’s appeal to Congress for an investigation into the SEC and Chair Gary Gensler introduces an additional layer of intricacy to the ongoing narrative surrounding XRP and the SEC’s stance on cryptocurrency regulation.