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As the head of the US Securities and Exchange Commission (SEC), Gary Gensler is getting a lot of bad press because of recent investigations into cryptocurrency companies. Yet, Attorney John Deaton, representing XRP holders in the legal action that the United States Securities and Exchange Commission is filing against Ripple, has made enormous accusations against Gensler’s proactive civil action.

XRP Lawyer’s Claim Against The SEC

Meanwhile, Eleanor Terrett, a journalist at Fox Business, highlighted the most recent statement made by the US securities watchdog regarding its enforcement proceedings regarding digital assets. The report revealed an active effort by the commission to raise litigation involving the applicability of securities regulations to digital assets.

It also said that the Securities and Exchange Commission’s enforcement department has been successful up to this point. Furthermore, the commission looks forward to the pending court rulings regarding crypto assets (Bitcoin, Ethereum, Litecoin, and Cardano’s ADA).

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Nevertheless, John Deaton stated that he has been engaging in conversations with various crypto companies currently involved in active litigation with the US financial watchdog. On the other hand, he observed that the attorneys working for the Securities and Exchange Commission do not intend to pursue every one of these complaints.

In addition, he asserts that many staff lawyers disagree with the perspective of the commission chairman, Gary Gensler, about the cryptocurrency industry.

Ripple Lawyer Goes After The SEC Chairman

The Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, was the target of an attack by Ripple lawyers recently. The attack followed a statement from Gensler that the United States regulators may choose to treat Bitcoin as a commodity while categorizing other cryptocurrencies are securities.

The chief attorney for XRP, Stuart Alderoty, has offered their thoughts in response to the remarks made by the SEC chief. The head of the lawyers said that the agency’s chairman has said in the past that all cryptocurrencies except for Bitcoin will be treated as unregulated securities.

In response to what the SEC chairman said, Alderoty said that the SEc chief should avoid any decisions about how securities laws should be enforced.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.