The recent judgment by the US Third Circuit Court in the Coinbase case represents another setback for both the US Securities and Exchange Commission (SEC) and its chair, Gary Gensler. The court’s criticism of the SEC’s opacity in refusing to establish crypto-specific guidelines sparks ongoing discussions about Gensler’s enforcement strategies.
XRP Lawyer John Deaton Slams SEC Chair Gary Gensler
In my recent post dated January 14th, I, as a pro-XRP legal advocate, John E. Deaton, voiced criticism towards Chairman Gensler for potentially tarnishing the SEC’s honor by not providing clear-cut regulations promptly. I contended that the SEC’s delay in offering regulatory clarity has left an undesirable mark on the agency’s esteemed reputation.
Additionally, Deaton called for a revamp of regulations, stating that the incoming SEC Chairman, Paul Atkins, is stepping into a complex situation. Many, among them Deaton, anticipate that Atkins might reshape the regulatory environment for cryptocurrencies under the Trump administration.
Paul Atkins faces a significant challenge as he steps into the role at the SEC, given the current state of its reputation, which has suffered greatly both within and outside legal circles. Gary Gensler’s departure from the SEC has left many questioning its standing.
It would be nice to witness real reform at the SEC. Also, we need to…
— John E Deaton (@JohnEDeaton1) January 14, 2025
Furthermore, the lawyer representing XRP proposed doing away with the investor accreditation rule. This rule, set by the SEC, defines individuals as accredited investors based on their wealth and income levels. However, Deaton views this method as biased. He argued, “The rule contradicts the principles of free market capitalism and is oppressive in a society that values self-determination.
Coinbase Secures Partial Win Against SEC
The US Third Circuit Court has instructed the Securities and Exchange Commission (SEC) to reevaluate their stance on establishing clear guidelines for cryptocurrency regulation in the lawsuit between Coinbase and the SEC. In 2022, Coinbase submitted a request for rulemaking, urging the SEC to offer clarity regarding crypto regulations. However, despite Coinbase’s petition for specialized rules concerning asset categorization, the SEC declined to comply with their request.
Yet, the latest court decision compels the regulatory body to clarify why it denied the cryptocurrency exchange’s request. In essence, the judge expressed this viewpoint:
Instead of compelling the agency to create a rule, let’s instruct them to clarify their reasons for not doing so. In fact, it might not be essential to establish a rule to address the notification issues at hand; the agency could simply express their clear stance on cryptocurrencies instead.
Crypto Community Exalts Coinbase’s Win
In a recent update on Reddit, Coinbase’s Chief Legal Officer Paul Grewal announced that their petition for a writ of mandamus from the Third Circuit Court was successful. The court found the Securities and Exchange Commission’s actions to be “unreasonable” or “irrational.
Simultaneously, Ripple‘s General Counsel, Stuart Alderoty, congratulated Coinbase and its legal team, Grewal, for successfully challenging the regulatory body.
In the meantime, legal professionals such as former SEC member James Farrell and attorney Fred Rispoli are discussing how this lawsuit could set a precedent for the Securities and Exchange Commission (SEC) under its new chair, Paul Atkins. This could potentially influence the way the SEC approaches crypto regulations and have implications for other ongoing crypto-related lawsuits.
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2025-01-14 13:06