As a long-time crypto investor and follower of the industry’s developments, I can’t help but share John Deaton’s sentiments regarding the U.S. Securities and Exchange Commission (SEC) and its chairman Gary Gensler. I have seen firsthand how their actions have negatively impacted small investors like myself who have bet on XRP and other altcoins.
John Deaton, an advocate for XRP, has expressed his disapproval towards the U.S. Securities and Exchange Commission (SEC) and its chairman Gary Gensler, alleging that their actions have negatively impacted a substantial number of small-scale cryptocurrency investors, among them those who had invested in XRP.
Deaton drew the attention of the XRP community to an overlooked incident involving Gensler, which generated buzz among crypto enthusiasts. It’s important to mention that Deaton is running for the U.S. Senate seat in Massachusetts.
Deaton’s critique against SEC and Gensler
John Deaton strongly believes, with complete certainty, that Gary Gensler and the Securities and Exchange Commission (SEC) have caused more harm to small investors than any other individual or organization over the past few years. Additionally, Deaton revealed that Gensler has yet to disclose the fact that they had two private meetings with Sam Bankman-Fried, who is often referred to as “the Bernie Madoff of crypto” and is the founder and former CEO of the defunct cryptocurrency exchange FTX.
As the individual who filed a lawsuit against the SEC on behalf of countless small investors, I can unequivocally assert that Gary Gensler and the Securities and Exchange Commission have inflicted more damage upon investors than any other single person or organization over the past few years. Despite Gensler’s oversight, the SEC has unfortunately caused significant harm to the investing community.
— John E Deaton (@JohnEDeaton1) June 26, 2024
As a crypto investor, I closely monitor the legal battle between the SEC and Ripple that began in December 2020. Regularly, I keep up-to-date with the latest news regarding this case. In July 2023, Federal Judge Analisa Torres made an announcement that shook the crypto world: the XRP tokens sold by Ripple Labs on secondary markets were ruled not to be considered securities sales.
SEC labels altcoins as unregistered securities
As a researcher following the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC), I’ve observed that Brad Garlinghouse, Ripple’s CEO, has recently expressed optimism about the case reaching a conclusion. In a more light-hearted tone, he expects the judge to hand down the final ruling in September, potentially bringing an end to this prolonged legal battle in favor of Ripple.
The Securities and Exchange Commission (SEC) has declared a crackdown on cryptocurrency platforms operating within the United States and the trading or lending of altcoins on these platforms. The SEC considers most altcoins as unregistered securities, which many crypto users have invested in. According to Gensler, there is widespread noncompliance in the cryptosphere, leading to the SEC’s recent actions against altcoins and cryptocurrency exchanges.
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2024-06-26 16:31