XRP proponent John Deaton has once again voiced his criticism of the US Securities and Exchange Commission and its chairman Gary Gensler, accusing them of harming a large number of small cryptocurrency investors, including those who stake their money on XRP.
XRP advocate John Deaton has once again voiced his criticism of the US Securities and Exchange Commission and its chairman Gary Gensler, accusing them of harming a large number of small cryptocurrency investors, including those who bet your money in XRP.
He also reminded the XRP community about Gensler’s additional major mishap that caused a sensation among the army of cryptocurrency fans. It’s worth noting that Deaton is running for the US Senate in Massachusetts.
Deaton’s criticism of the SEC and Gensler
John Deaton wrote that he has “100% conviction” that Gary Gensler and the SEC have caused more harm to small investors “than any other person or entity over the past several years.” Additionally, he claimed that Gensler is in no rush to reveal that he had two one-on-one meetings with “the Bernie Madoff of cryptocurrencies,” the founder and former CEO of collapsed cryptocurrency exchange FTX, Sam Bankman-Fried.
Deaton closely follows the legal case launched by the SEC against Ripple in December 2020 and regularly shares news about its development. In July 2023, federal judge Analisa Torres announced a ruling that XRP sales made by Ripple Labs on secondary markets do not qualify as sales of securities.
Yuri MolchanSEC labels altcoins as unregistered securities
Still, the legal battle continues. Ripple boss Brad Garlinghouse recently shared, perhaps a little jokingly, that he hopes the judge will make a final ruling in September and see this long-running legal case in favor of Ripple over.
Overall, the SEC has announced a witch hunt against US-based cryptocurrency platforms and the altcoins traded or lent on them. The SEC has stated that altcoins, except to some extent XRP, are unregistered securities in which many cryptocurrency users invest. Gensler claims that there is a lot of non-compliance in the cryptocurrency space, hence the recent SEC activity against altcoins and cryptocurrency exchanges.
